The Financial Planning Coalition renewed its call today for Congress to protect investors by supporting the Securities and Exchange Commission's oversight of registered investment advisors.
Before adjourning for recess last week, the U.S. House of Representatives and Senate approved a spending bill for the next six months that effectively freezes the budget of the SEC.
The FPC says the SEC would face pressures if mandated cuts are enacted at the beginning of next year through sequestration-the automatic spending reduction that is part of the Budget Control Act 0f 2011. According to the Office of Management and Budget, sequestration would force cuts of $117 million to the SEC, reducing its budget by more than 8 percent.
Representing nearly 75,000 financial planners, the FPC is a collaboration of the Certified Financial Planner (CFP) Board of Standards, the Financial Planning Association, and the National Association of Personal Financial Advisors (Napfa).
-Jim McConville