What a rare opportunity! Republicans and Democrats have actually found something that they agree is a problem – and they are committed to doing something about it. And the consensus continues, with federal and state regulators, consumer and industry groups alike agreeing that there's a problem and an immediate need to address it. So what is the problem? The Securities and Exchange Commission (SEC) doesn't examine investment advisers often enough. With exams conducted on average of once every 11 years and with the memories of Bernie Madoff and Allen Stanford fresh, it is easy to see how this unusual consensus has emerged.

Yet we find ourselves on the verge of squandering this opportunity to genuinely and demonstrably improve investor protection and this should rightly anger investors.

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