During deliberations on the package of 11 bills designed to roll back provisions of Dodd-Frank this week, House Republicans thwarted an effort by Rep. Maxine Waters (D-Calif.) to attach an amendment allowing the SEC to impose user fees on advisors to fund additional examinations.
The Dodd-Frank technical corrections bill passed the House Jan. 14 by a 271-154 margin.
The fees generated by Waters’ amendment, originally filed last session as a standalone bill, H.R. 1627, would have been used to hire more staff at the SEC’s Office of Compliance Inspections and Examinations. (For our most recent coverage of the user fee proposal, click here and here.)
In comments on the House floor, Waters said her bill has previously been supported by officials across the political spectrum, including SEC Chair Mary Jo White and former House Financial Services (HFS) Committee Chairman Spencer Bachus (R-Ala.), ThinkAdvisor reports.
With current HFS Committee Chairman Jeb Hensarling (R-Texas) and Capital Markets Subcommittee Chair Scott Garrett (R-N.J.) both on the record against a user fee bill, the issue appears dead. But trade groups such as the Investment Adviser Association (IAA) aren’t giving up the fight.
