In a move expected to draw the ire of some advisors, House Financial Services Committee Chairman Spencer Bachus (R-Ala) introduced legislation in the house Wednesday that could clear the way for FINRA to become the self-regulatory organization for retail investment advisors.

The bill is co-sponsored by Rep. Carolyn McCarthy (D-NY). A bipartisan bill increases the likelihood it may be able to make it to the Democratic-controlled Senate this year.

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