The NYT today summarized the political background on the proposed Investment Advisers Modernization Act here:
My Colleague, Jennifer Taub (Vermont) testified in the House Subcommittee on Financial Services in this context and was kind enough to cite some of my work:
https://wulfkaal.com/2016/05/19/investment-advisers-modernization-act-of-2016/
Here the two perhaps most relevant empirical findings on the Investment Advisers Modernization Act of 2016:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629386
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629347