Last year the House Financial Services Committee considered two regulatory bills, one that would have created a self-regulatory organization for advisers, and another that would have permitted the Securities and Exchange Commission to fund more adviser exams with user fees. The SRO bill has lost support, and Rep. Maxine Waters, D-Calif., is likely to reintroduce her use-fee bill in the next two weeks, which could make it the basis for debate this year -- a switch from last year.

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