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Industry trade groups opposed to Bachus' bill calling for a self-regulatory organization to oversee advisors learned there will be no extra money for SEC oversight.

Industry trade groups, consumer advocates and advisor partners are gearing up for the House Financial Services Committees hearing Wednesday on Rep. Spencer Bachus bill calling for a self-regulatory organization to oversee advisors.

The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan "helps make the case" for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street.

JPMorgan Chase's spectacular overseas losses have caught the attention of the federal Senate Banking Committee, who hope to avoid stateside losses.

The fund, which holds 5.3 million shares in the company, says Wal-Mart's executives had breached their responsibility in handling an alleged bribery scheme.

Mike Duke, the CEO of Wal-Mart Stores Inc., received a pay package in 2011 worth $18.1 million, a 3 percent dip from the year before, according to an Associated Press calculation, mainly because his performance-based cash bonus shrank.

President Obamas Jumpstart Our Business Startups Act will change the hedge fund industry by allowing advisors to private funds to advertise their services.