WASHINGTON — Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, introduced legislation Friday to give the Securities and Exchange Commission the authority to impose and collect user fees from investment advisors.

The "Investment Adviser Examination Improvement Act of 2013" would provide the agency with additional funds to beef up its oversight and examination of investment advisors. The SEC is currently conducts exams on just 8% of nearly 11,000 registered advisors each year due to funding constraints, according to a press release.

"This legislation answers a funding gap which has been largely responsible for the infrequency of investment adviser exams, and represents the simplest and most direct method for achieving the desired result: improved quality and quantity of these exams and another step towards restoration of public confidence in our markets," Waters said in the release.

Freshman Rep. John Delaney, D-Md., is an original co-sponsor on the legislation.

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