FPA previously endorsed the Investment Adviser Examination Improvement Act of 2013, introduced by Representative Maxine Waters (D-CA), with Ranking Member of the House Financial Services Committee with Representative John Delaney (D-MD) as an original co-sponsor. Increased investment adviser oversite through targeted user-fees remains the most efficient and pragmatic solution and we encourage development of legislation in the future that would support this effort.
FPA supports authorizing the U.S. Securities and Exchange Commission to collect user fees from advisers to increase examinations is a pragmatic and cost-effective solution to a significant investor protection problem. It will have no financial impact on taxpayers or the federal deficit and is supported by the investment adviser industry. Increasing adviser examinations is good for both consumers and advisers.
FPA will work with Congress to support future legislation that addresses investor protection and we will encourage other members of Congress to enthusiastically endorse important solutions like this.