Mary Jo White, chairman of the SEC, wants to add 250 more examiners to police investment advisers, but the agency needs up to 2,000 to boost its policing of the business significantly.
Adding 250 investment-adviser examiners — a priority of Ms. White as she goes before a Senate budget panel Tuesday — will only boost annual adviser coverage rate to about 16%. By contrast, the Financial Industry Regulatory Authority Inc. examines between 45% and 55% of the brokers under its aegis.