Critics of financial advisers' SRO look to Senate for help

10/17/2011 | InvestmentNews (free registration)

Opponents of a proposal to put financial advisers under the supervision of one or more self-regulatory organizations are counting on the Senate to reject the measure. Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee, backs the idea, but Tim Johnson, D-S.D., chairman of the Senate banking committee, "believes the issue deserves further exploration before moving forward with any legislative proposals," a spokesman said.

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