RIABiz is reporting that the Project on Government Oversight (“POGO”), a non-profit government watchdog group, sent a “damning letter” to the House Financial Services Committee urging Congress to reject Bachus’ SRO bill.
The letter specifically attacked FINRA, saying “FINRA’s regulatory effectiveness is undermined by its inherent conflicts of interest, its lack of transparency and accountability, its lobbying expenditures, and its executive compensation packages, among other issues.”
A spokesperson for FINRA responded that “POGO’s position is not an acceptable or realistic response to the critical need to fill an untenable gap in investor protection in the investment adviser space.”
This is not the first time POGO has been critical of FINRA; the article reports there are 40 letters mentioning FINRA on POGO’s website.
The full text of POGO’s letter is available on RIA Biz’s website within the article.