01.16.20
Maxine Waters Joins Dodd and Frank to Challenge SEC’s Reg BI
by: Tracey Longo
House Financial Services Committee chair Maxine Waters (D-CA) has joined 11 other current and former lawmakers to file a “friend of the court” brief supporting the state attorneys general petition in the 2nd U.S. Circuit Court of Appeals that seeks to vacate the SEC’s Regulation Best Interest. Both former Representative Barney Frank and former Senator Christopher Dodd, authors of the 2010 Dodd Frank Act, have also signed onto the amicus brief, alleging that the SEC has failed to create a rule that harmonizes the standard of care for brokers and registered investment advisors that the Dodd-Frank Act directed it to do.
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