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White House Wants Closer Scrutiny of Investment Advisers (InvestmentNews)

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While President Barack Obama’s $3.8 trillion budget proposal for 2013 goes hard on the wealthy, it could also be tough on those who advise them. In his proposal, Mr. Obama is seeking a $245 million increase in the Securities and Exchange Commission’s budget for fiscal year 2013. The increase would bump the SEC’s budget to $1.566 billion, from the current $1.321 billion. Of note to advisers, the additional funding would support an expansion of the Office of Compliance Inspections and Examinations. “In 2013, OCIE plans to hire additional examiners to focus on investment advisers and investment companies as part of a multiyear effort to increase coverage of the advisory industry, allowing OCIE to more effectively assess the risk of, monitor and examine market participants to focus on the areas in greatest need of attention,” the White House budget states.