House Financial Services Committee Capital Markets Subcommittee Chair Scott Garrett (R-N.J.) said Friday the Securities and Exchange Commission should take money from other units to pay for increasing the frequency of investment advisor exams beyond once every 10 years.

He said the way for the SEC to get money for more exams is by reordering its priorities rather than for Congress to increase the agency’s budget or allow it to charge advisors fees.

The congressman said the SEC could take money from its oversight of public company involvement with conflict minerals, which he considers a "lower priority."

On another issue for the agency, he said, the SEC’s independence in regulating asset managers is being threatened by the Financial Stability Oversight Council and the Federal Reserve.

“FSOC has not been shy about using its bully pulpit to influence, threaten or cajole other regulators into carrying out its agenda,” Garrett said, claiming the financial stability regulator is trying to inappropriately influence the SEC.

Garrett praised SEC Chair Mary Jo White for “finally” asserting the SEC's dominance in regulating the asset management industry.

At a subcommittee hearing, Wisconsin Rep. Sean Duffy and several other Republicans joined in with Garrett to complain that the FSOC is trying to usurp the SEC on asset manager oversight .

“The SEC should be concerned about FSOC mission creep,” said Duffy.