WASHINGTON -- Legislation to step up the frequency of SEC examinations of investment advisors received a boost, winning its first Republican endorsement from Rep. Spencer Bachus (Ala.) on Thursday. In the last congress, Bachus, who then chaired the Financial Services Committee, favored an alternative approach that would have outsourced SEC exams to a self-regulatory organization.

With Bachus signed on as a co-sponsor, Rep. Maxine Waters (D-Calif.) now boasts bipartisan support for her Investment Adviser Examination Improvement Act, legislation backed by advisor trade groups and investor advocates.

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