Fierce Opponent of DOL Fiduciary Rule and Defender of Reg BI To Chair House Subcommittee
U.S. Rep. Ann Wagner (R-Mo.), a critic of the U.S. Department of Labor's (DOL) fiduciary rule under former President Obama and supporter of Regulation Best Interest (Reg BI), was named chair of the House Financial Services Subcommittee on Capital Markets. She led the push to defeat the DOL's fiduciary rule by crafting legislation that would have forced DOL to wait for the U.S. Securities and Exchange Commission (SEC) to rule first on investment advice regulation. A federal court eventually vacated the rule, and the regulator ended up promoting Reg BI. In 2021, Wagner grilled SEC Chair Gary Gensler during a House Financial Services Committee hearing on whether he would leave Reg BI unchanged, signaling that the agency would ensure the rule complies with its investor protection pledge through guidance and enforcement.
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