After months of speculation and debate, the House Financial Services Committee has drafted a bill that would force investment advisors to join an as-yet-unnamed self-regulatory organization.
The bill is still at a very vestigial stage, but it would basically push advisors that are currently SEC-registered to an SRO that would then report to the SEC.
Industry groups have already stepped up against the bill -- there's a great round table of reactions over here -- and it should make next week's hearings on advisor regulation especially interesting.
David Tittsworth of the Investment Advisers Association will testify at the hearing on behalf of keeping advisors under the SEC.
Dale Brown of the Financial Services Institute and Rick Ketchum of FINRA will be there on the other side.