UPDATE 1-US groups tussle over investment adviser oversight
Two sides in an industry divided over how to oversee investment advisers faced off on Wednesday before U.S. lawmakers considering a bill that would ramp up protections for investors. The measure, the Investment Adviser Oversight Act of 2012, would require a self-regulatory organization for registered investment advisers. Financial Services Committee Chairman Spencer Bachus, a Republican, and Rep. Carolyn McCarthy, a Democrat, unveiled the bill in April because the two lawmakers believe the U.S. Securities and Exchange Commission, which supervises investment advisers, lacks the resources to be effective. Read Reuters Update here.