H.R. 1627House113th Congress (2013-2015)In Committee

Investment Adviser Examination Improvement Act of 2013

Introduced April 18, 2013

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

April 18, 2013

View full timeline
HouseIntro Referral

Introduced in House

April 18, 2013

HouseIntro Referral

Referred to the House Committee on Financial Services.

April 18, 2013

Floor Debate

24 members

What members said about H.R. 1627 on the floor

11 Republicans13 Democrats
John Abney Culberson
Rep. John Abney CulbersonR-TX-7 · Apr 30, 2014

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on consideration of H.R. 4486, and that I…

Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chair, I have listened over the years to my good friend from Virginia, my friend from New York, and Mr. Smith from Washington advance this issue. I…

Sanford D. Bishop, Jr.
Rep. Sanford D. Bishop, Jr.D-GA-2 · Apr 30, 2014

I thank the gentleman. Mr. Chairman, I yield myself such time as I may consume. As you all know, this bill has a strong reputation for finding bipartisan common ground as members work together to…

Lee Terry
Rep. Lee TerryR-NE-2 · Apr 30, 2014

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I first want to thank my colleagues on the VA-MilCon Subcommittee--in particular, Mr. Fortenberry and Mr. Culberson and their staff--for…

James P. Moran
Rep. James P. MoranD-VA-8 · Apr 30, 2014

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, this amendment would strike section 411, which specifically restricts the Defense Department from transferring Guantanamo detainees to the…

Show 8 more
Doug LaMalfa
Rep. Doug LaMalfaR-CA-1 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I would like to thank my colleague Mr. Costa and my other California colleagues, as well as everybody in this body that seeks to make…

Keith J. Rothfus
Rep. Keith J. RothfusR-PA-12 · Apr 30, 2014

Mr. Chairman, I have an amendment at the desk printed as No. 1 in the Congressional Record. Mr. Chairman, I rise today to stand with our Nation's veterans and their families. This morning, I had an…

Sam Farr
Rep. Sam FarrD-CA-20 · Apr 30, 2014

Mr. Chair, thank you very much, Ranking Member Bishop and Chairman Culberson. I rise as the longest serving member on this subcommittee, and I want to commend you both, the chairman and the ranking…

Doug Collins
Rep. Doug CollinsR-GA-9 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I rise today to appeal to those on both sides of the aisle to hold the executives in the Department of Veterans Affairs accountable. I…

Dina Titus
Rep. Dina TitusD-NV-1 · Apr 30, 2014

Mr. Chair, I move to strike the last word. As the ranking member of the Disability Assistance Memorial Affairs Subcommittee of the Veterans' Affairs authorizing committee, I rise today in support of…

Jerrold Nadler
Rep. Jerrold NadlerD-NY-10 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I rise in support of the Moran-Smith-Nadler amendment. We are told by some in the majority that enemy soldiers should not have…

Jeff Fortenberry
Rep. Jeff FortenberryR-NE-1 · Apr 30, 2014

I thank my friend and colleague, Congressman Terry, for his steadfast commitment in trying to find some creative resolution for this problem. Mr. Chairman, he is very right in outlining this timeline…

Harold Rogers
Rep. Harold RogersR-KY-5 · Apr 30, 2014

I thank the gentleman for yielding. Mr. Chairman, I rise today in support of the 2015 Military Construction and Veterans Affairs Appropriations bill. I am very happy to be on the floor with this bill…

Show 11 more
Richard M. Nolan
Rep. Richard M. NolanD-MN-8 · Apr 30, 2014

Mr. Chair, I move to strike the last word. Where I come from, we believe that for those who we send into harm's way to protect and serve us in defense of our freedoms, we have a profound obligation…

Jeff Duncan
Rep. Jeff DuncanR-SC-3 · Apr 30, 2014

Mr. Chair, I move to strike the last word. Mr. Chair, I rise today in support of the Military Construction and Veterans Affairs Appropriations Act, and I will commend the chairman of the committee…

Eric Swalwell
Rep. Eric SwalwellD-CA-15 · Apr 30, 2014

Mr. Chair, I move to strike the last word. To the veterans who courageously served our country, we owe the best our nation can offer. I appreciate the opportunity to stand here with my colleagues,…

Patrick Murphy
Rep. Patrick MurphyD-FL-18 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I rise today in support of the Salmon-Sinema amendment to increase funding for the VA Office of the Inspector General in order to provide…

Richard Hudson
Rep. Richard HudsonR-NC-8 · Apr 30, 2014

Mr. Chair, I move to strike the last word in order to engage in a colloquy. Mr. Chairman, we are all aware of the tragic backlog that deeply affects so many of our Nation's heroes all across this…

Kathy Castor
Rep. Kathy CastorD-FL-14 · Apr 30, 2014

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I would like to thank Chairman Culberson and Ranking Member Bishop for all of their hard work and the committee, all of your work on…

Julia Brownley
Rep. Julia BrownleyD-CA-26 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I rise today to bring the House's attention to an important issue. The Veterans Retraining Assistance Program, also known as VRAP, which…

John L. Mica
Rep. John L. MicaR-FL-7 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I would ask if the chair of the Military Construction, Veterans Affairs and Related Agencies Appropriations Subcommittee would rise and…

Raul Ruiz
Rep. Raul RuizD-CA-36 · Apr 30, 2014

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I rise today to offer an amendment to H.R. 4486, the Military Construction and Veterans Affairs and Related Agencies Appropriations Act.…

Paul A. Gosar
Rep. Paul A. GosarR-AZ-4 · Apr 30, 2014

Mr. Chairman, I move to strike the last word. Mr. Chairman, I rise today in support of this amendment, which seeks to redirect funds from the general administration account to the Department of…

Debbie Wasserman Schultz
Rep. Debbie Wasserman SchultzD-FL-23 · Apr 30, 2014

I appreciate the gentleman yielding. First, let me commend and pile on to the commendations that are so deserving by our colleagues and my good friends, Chairman Culberson and Ranking Member Bishop,…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in HouseIssued April 18, 2013

I

113th CONGRESS

1st Session

H. R. 1627

IN THE HOUSE OF REPRESENTATIVES

April 18, 2013

Ms. Waters (for herself and Mr. Delaney) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Investment Advisers Act of 1940 to require certain investment advisers to pay fees to help cover the costs of inspecting and examining investment advisers under such Act.

1.

Short title

This Act may be cited as the Investment Adviser Examination Improvement Act of 2013.

2.

Sense of Congress

It is the sense of the Congress that the Securities and Exchange Commission should increase the number and frequency of examinations of investment advisers.

3.

Inspection and examination fees

Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended by adding at the end the following new subsection

(e)

Inspection and examination fees

(1)

In general

The Commission shall collect an annual fee from investment advisers that are subject to inspection or examination by the Commission under this title to defray the cost of such inspections and examinations.

(2)

Exemptions for certain State-regulated investment advisers

No fees shall be collected under this subsection from any investment adviser that is prohibited from registering with the Commission under section 203 by reason of section 203A.

(3)

Fee amounts

(A)

Amount to be collected

(i)

In general

The Commission shall seek to ensure that the aggregate amount of fees collected under this subsection with respect to a specific fiscal year are equal to the estimated cost of the Commission in carrying out additional inspections and examinations for such fiscal year.

(ii)

Additional inspections and examinations defined

For purposes of this subparagraph and with respect to a fiscal year, the term additional inspections and examinations means those inspections and examinations of investment advisers under this title for such fiscal year that exceed the number of inspections and examinations of investment advisers under this title conducted during fiscal year 2012.

(B)

Fee calculation formula

The Commission shall establish by rulemaking a formula for determining the fee amount to be assessed against individual investment advisers, which shall take into account the following factors:

(i)

The anticipated costs of conducting inspections and examinations of investment advisers under this title, including the anticipated frequency of such inspections and examinations.

(ii)

The investment adviser’s size, including the assets under management of the investment adviser.

(iii)

The number and type of clients of the investment adviser, and the extent to which the adviser’s clients pay other fees established by the Commission, including registration and transaction fees.

(iv)

Such other objective factors, such as risk characteristics, as the Commission determines to be appropriate.

(C)

Adjustment of formula

Prior to the end of each fiscal year, the Commission shall review the fee calculation formula and, if, after allowing for a period of public comment, the Commission determines that the formula needs to be revised, the Commission shall revise such formula before fees are assessed for the following fiscal year.

(4)

Public disclosures

The Commission shall make the following information publicly available, including on the Web site of the Commission:

(A)

The formula used to determine the fee amount to be assessed against individual investment advisers, and any adjustment made to such formula.

(B)

The factors used to determine such formula, including any additional objective factors used by the Commission pursuant to paragraph (3)(B)(iv).

(5)

Audit

(A)

In general

The Comptroller General of the United States shall, every 2 years, conduct an audit of the use of the fees collected by the Commission under this subsection, the reviews of the formula used to calculate such fees, and any adjustments made by the Commission to such formula.

(B)

Report

After conducting each audit required under subparagraph (A), the Comptroller General shall issue a report on such audit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.

(6)

Treatment of fees

(A)

In general

Funds derived from fees assessed under this subsection shall be available to the Commission, without further appropriation or fiscal year limitation, to pay any costs associated with inspecting and examining investment advisers that are subject to inspection and examination under this title.

(B)

Funds not public funds

Funds derived from fees assessed under this subsection shall not be construed to be Government or public funds or appropriated money. Notwithstanding any other provision of law, funds derived from fees assessed under this subsection shall not be subject to apportionment for the purpose of chapter 15 of title 31, United States Code, or under any other authority.

(C)

Funds supplemental to other amounts

Funds derived from fees assessed under this subsection shall supplement, and be in addition to, any other amounts available to the Commission, under a regular appropriation or otherwise, for the purpose described in subparagraph (A).

.