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SEC Chief Vows to End Fiduciary Rule


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SEC Chief Vows to End Fiduciary Rule

(Washington)

Something very dramatic happened in Washington yesterday-the chairman of the SEC, who has always been an opponent of the fiduciary rule, formally vowed action to change the rule. In separate Senate hearings, both he and DOL chief Acosta both said that their departments would work in tandem to change the rule and develop their own coordinated approach to the fiduciary space. The words of SEC chairman Clayton say it best, laying bare his problems with the current rule as well as his intentions, saying "It's my intent as chairman to try and move forward and effectively deal with that in a way that is coordinated so that our Main Street investors have access to investment advice and access to investment products…".

FINSUM : The SEC probably wants to make a fiduciary standard across all accounts and craft one that is much better than the current iteration. It was heartening to hear DOL boss Acosta also confirm this intent as we were worried the DOL and SEC might have fought each other at every turn.

  • SEC
  • fiduciary rule
  • DoL

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This article appears in: Investing , Wealth Management



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