01.19.26

New SEC General Counsel Named Amid Fiduciary Rule Shakeup

by: Andrew Cohen

Rusty McGranahan, a former senior lawyer at BlackRock and Focus Financial Partners, has been appointed general counsel of the U.S Securities and Exchange Commission (SEC), as the regulator moves to reshape fiduciary rules for retirement advisors. McGranahan's appointment comes alongside the U.S. Labor Department’s withdrawal of its defense of a fiduciary rule introduced under the previous administration, effectively pausing stricter oversight of retirement advice. Legal experts say the regulatory shift may open the door to private equity in retirement plans while placing greater responsibility on advisors to manage risks and conflicts.

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