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Wall Street Self-Regulator Makes Case for More Power

Wall Street’s self-regulator is stepping up its bid for more power, telling Congress on Tuesday that it is well equipped to replace the Securities and Exchange Commission as overseer of the investment advisory industry.

The Financial Industry Regulatory Authority, or Finra, which already examines some 4,500 broker dealers, now wants to add more than 11,000 investment advisory firms to its docket. The push has ignited concern among investment advisers and even some regulators, who question the wisdom of trusting Wall Street to police itself.