OTHER NEWS - Sept. 23, 1992

House Backs Increased Financial Oversight: The House voted to beef up the Security and Exchange Commission’s oversight of the nation’s 17,500 investment advisers and financial planners. To pay for it, financial advisers would have to start paying annual fees ranging from $300 to $7,000, depending on the amount of assets they manage. They now pay a one-time fee of $150. A Senate-House conference committee will now try to iron out differences with a Senate-approved version. The fee money would be used to quadruple the number of SEC staffers who examine financial advisers. Because the current inspection staff is so tiny, most firms now are examined only once every 30 years.