Stephen Luparello, the director of the SEC’s Division of Trading and Markets, told Congress Thursday that the commission supports any solution that would increase the number of investment advisors it examines. Currently, the agency only tests 9 percent of the 11,000 advisors in its purview.

Maxine Waters, the ranking Democrat on the House Financial Services Committee, said passing a law in Congress to allow the SEC to impose its fees on advisors is the only way to get the money for more exams. Luparello agreed.

Waters introduced a user fee bill over a year ago, but the Republican-controlled committee has not held a hearing on it.