News | 07.10.19
SEC Chief Defends Rules That Warren Called a Gift to Wall Street
In a speech hosted by Babson College's Stephen D. Cutler Center for Investments and Finance, SEC Chair Jay Clayton hit back at critics who've said the regulator's new financial advice regulation if is a gift to Wall Street. Sen. Elizabeth Warren said the reforms will make it even easier for financial firms to cheat consumers, while House Financial Services Committee Chair Maxine Waters urged the SEC to rescind them. Clayton called the objections “false, misleading” and in some cases, “policy preferences disguised as legal critiques.” He said, "I recognize that some interest groups would have preferred a different approach. But, after careful consideration, our approach addresses multiple, interrelated issues in a way that best achieves our goals of enhancing investor protection and decision making, while—again—preserving your access and choice."
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