Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, has written a letter to Chairman Jeb Hensarling (R-Tex.) calling for a full committee hearing into strategies for Securities and Exchange Commission can use to increase oversight of investment advisers, Investment News reports.
Waters wrote that although the SEC oversees 11,000 advisers who collectively manage almost $50 trillion in assets, these advisers are examined only once every 12 years, and 40 percent of them have never been examined. The Financial Industry Regulatory Authority, on the other hand, examines registered members every other year. “Such an abysmal examination record does nothing to promote confidence in these advisers, let alone in our markets,” Waters wrote.
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