WASHINGTON - Several organizations that have been calling for stricter regulatory oversight of investment advisors reacted with dismay to the omnibus federal spending bill unveiled this week, which they say will leave the SEC unable to effectively police the industry and protect investors.

In response, the groups -- including the FPA, the AARP and Consumer Federation of America -- are calling on Congress to enact legislation that would empower the SEC to collect user fees from the firms it regulates to cover the cost of additional examinations.

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