Regulatory Outlook | 07.27.20
Democrats Vow to Scrap Reg BI in Party Platform
While not referring to the SEC's Regulation Best Interest by name, a draft party platform implies that Democrats do not believe it will adequately protect workers and retirees from broker conflicts of interest. “Democrats believe that when workers are saving for retirement, the financial advisors they consult should be legally obligated to put their client's best interests first,” the platform states in a section titled "Guaranteeing a Secure and Dignified Retirement." The platform continues: “We will take immediate action to reverse the Trump Administration's regulations allowing financial advisors to prioritize their self-interest over their clients' financial wellbeing.”
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