Investment Advisers to Get Their Own SRO

Is there a FINRA in the future for U.S. advisers?  Congressman Spencer Bachus (R–AL) last month introduced a bill in the House that would require most investment advisers to become members of a self-regulatory organization that would establish its own business conduct rules and enforce compliance with the Investment Advisers Act.  Notably exempt from the bill’s proposed membership requirement are advisers to mutual funds and 3(c)(7) funds who would continue to be regulated solely by the SEC.