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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.