When Finanical Services Committee Chairman Spencer Bachus and Rep. Carolyn McCarthy introduced legislation Wednesday to create a self-regulatory organization for investment advisors, it raised the stakes on the years-long debate over how advisors should be regulated. And perhaps more importantly, who should do the regulating.

The Investment Adviser Oversight Act of 2012 is meant to address what proponents say is a serious gap in investor protection. Sure enough, industry groups from all side weighed in on whether the idea will help or hinder the profession.

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