According to the article:
House Financial Services Committee Chairman Spencer Bachus, R-Ala, “and other Republicans — favor an SRO because they are not convinced the SEC can adequately regulate advisers. They criticize the SEC for missing Bernard Madoff’s Ponzi scheme, which bilked investors out of $50 billion. They also point to SEC statistics that show that the agency has the resources to review only about 8% of the nearly 12,000 registered advisers annually.”
“Mr. Frank pointed out that Republicans have resisted giving the SEC the increased funding called for in the Dodd-Frank law. They then engage in what Mr. Frank refers to as a self-fulfilling argument: An SRO is required because the SEC doesn’t have the resources to police advisers.”
” ‘I have an answer to that,’ Mr. Frank said. ‘Give the public agencies enough money.’ ”
However this works out, change is certainly coming, though perhaps not until the Spring.