Investment Adviser Examination Improvement Act of 2013
Latest action · Apr 18, 2013 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 18, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Investment Adviser Examination Improvement Act of 2013 - Declares the sense of Congress that the Securities and Exchange Commission (SEC) should increase the number and frequency of examinations of investment advisers.
Amends the Investment Advisers Act of 1940 to direct the SEC to collect an annual fee from investment advisers subject to SEC inspection or examination to defray the cost of such inspections and examinations. Exempts certain state-regulated investment advisers from the requirement to pay an annual fee.
Prescribes a fee calculation formula. Requires the SEC to make the formula publicly available on its website along with the factors used to reach the fee determination.
Requires the Comptroller General to audit biennially the use of such fees, SEC reviews of the fee formula, and any adjustments to it.
Makes such fees available to the SEC, without further appropriation or fiscal year limitation, to pay costs associated with inspecting and examining investment advisers.
Cosponsors 25
Members who signed on, in the order they did. Signatures ran from Apr 18, 2013 to Sep 15, 2014; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | John K. Delaney | Original | Apr 18, 2013 |
| D-MN | Keith Ellison | May 9, 2013 | |
| D-MA | Michael E. Capuano | May 9, 2013 | |
| D-MA | Edward J. Markey | Jun 14, 2013 | |
| D-WI | Gwen Moore | Jun 14, 2013 | |
| D-IL | Bill Foster | Sep 20, 2013 | |
| D-DC | Eleanor Holmes Norton | Feb 10, 2014 | |
| D-TX | Al Green | Jul 11, 2014 | |
| D-NY | Carolyn B. Maloney | Jul 11, 2014 | |
| D-WA | Denny Heck | Jul 11, 2014 | |
| D-MO | Emanuel Cleaver | Jul 11, 2014 | |
| D-NY | Gregory W. Meeks | Jul 11, 2014 | |
| D-CT | James A. Himes | Jul 11, 2014 | |
| D-OH | Joyce Beatty | Jul 11, 2014 | |
| I-AZ | Kyrsten Sinema | Jul 11, 2014 | |
| D-FL | Patrick Murphy | Jul 11, 2014 | |
| D-TX | Ruben Hinojosa | Jul 11, 2014 | |
| D-MA | Stephen F. Lynch | Jul 11, 2014 | |
| D-MO | Wm. Lacy Clay | Jul 11, 2014 | |
| D-GA | David Scott | Jul 17, 2014 | |
| R-AL | Spencer Bachus | Jul 17, 2014 | |
| D-NV | Steven Horsford | Jul 17, 2014 | |
| D-IL | Bradley Scott Schneider | Jul 31, 2014 | |
| D-MA | Niki Tsongas | Jul 31, 2014 | |
| D-MA | Katherine M. Clark | Sep 15, 2014 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 18, 2013 |
Actions 2
Everything that happened, newest first.
- Apr 18, 2013Introduced in House
- Apr 18, 2013Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H2160.
Printed hearings 4
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 113-88 | OVERSIGHT OF THE SEC'S DIVISION OF TRADING AND MARKETS64 pages | Financial Services Committee | Jun 26, 2014 |
| Serial No. 113-75 | OVERSIGHT OF THE SEC'S AGENDA, OPERATIONS, AND FY 2015 BUDGET REQUEST261 pages | Financial Services Committee | Apr 29, 2014 |
| Serial No. 113-15 | U.S. DEPARTMENT OF VETERANS AFFAIRS BUDGET REQUEST FOR FISCAL YEAR 2014117 pages | Veterans' Affairs Committee | Apr 11, 2013 |
| Serial No. 113-7 | JOINT HEARING TO RECEIVE LEGISLATIVE PRESENTATION OF MULTIPLE VETERAN SERVICE ORGANIZATIONS (VSOs)117 pages | Veterans' Affairs Committee | Mar 6, 2013 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Investment Advisers Act of 1940 to require certain investment advisers to pay fees to help cover the costs of inspecting and examining investment advisers under such Act.
- Short Titles as Introduced
- Investment Adviser Examination Improvement Act of 2013
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Apr 18, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
