The House Financial Services Committee announced Wednesday that it will hold a hearing on June 6 on the redraft of Rep. Spencer Bachus’ bill calling for a self-regulatory organization (SRO) to oversee advisors.
Industry sources told AdvisorOne a day earlier that the hearing on the SRO bill, which Bachus (left), the Alabama Republican and Financial Services chairman, introduced April 25 with Rep. Carolyn McCarthy, D-N.Y., would take place on June 6 or 7 with a markup on the legislation likely on June 28.
Richard Ketchum, chairman and CEO of the Financial Industry Regulatory Authority (FINRA), told AdvisorOne on Tuesday after conducting a panel discussion at FINRA’s annual conference in Washington, that he expected the committee to hold a hearing on the SRO bill before Congress breaks on June 29 for the July 4 holiday.
FINRA is said to be a lead candidate in filling the SRO role.