Representative Spencer Bachus of Alabama is expected to introduce a bill shortly that would establish one or more self-regulatory organizations (SRO) to oversee investment advisors. He chairs the House Financial Services Committee. If enacted, the bill would amend the Investment Advisers Act of 1940 to provide for the registration and oversight of national investment advisor associations. Advisers would have to be members of the SRO, which would report to the SEC. The bill is not expected to draft bill does not specify a particular body to be designated as a regulator.