House Defeats Amendment Subjecting B-D Investment Advisers to FINRA Regulation

An amendment to the House financial regulation legislation that would have subjected investment advisers associated with broker-dealers to FINRA regulation was defeated by voice vote.  This is a battle of the titans among influential lobbyists, as the broker-dealer groups go against the investment advisory groups.  The broker-dealers might have expected more support since FINRA's former CEO, Mary Schapiro, is now SEC Chair, but that isn't how it played out.  InvNews,House scraps plan to place B-D advisers under Finra (UPDATED).  (hat tip:  Jill Gross)