News | 06.05.19
SEC's Clayton Sets Up Clash with Democrats with Best Interest Rule
If the SEC adopts Regulation Best Interest without changes from the original proposal, it will put Chair Jay Clayton in the crosshairs of House Democrats. In March, Rep. Carolyn Maloney (D-NY), chair of the House subcommittee that oversees the agency, said that while the SEC's effort may be better than the status quo, “it is still far too weak, and I still have several serious concerns with the rule.” States aren't likely to be happy with the final rule either if it jeopardizes their efforts to write their own laws for financial advice.
Read the full article on Politico