News | 12.13.19
Sen. Warren: DOL Fiduciary Rule That Copies Reg BI Is a "Costly Mistake"
Sen. Elizabeth Warren (D-MA) is warning Labor Secretary Eugene Scalia not to propose a “weak” fiduciary rule.” In a letter to Scalia, Warren wrote, “DOL may simply copy the wholly inadequate standards of conduct framework” developed by the SEC’s Regulation Best Interest. ... That would be a costly mistake — those standards not only allow broker-dealers to give clients advice that is not in their best interest, but significantly water down the longstanding fiduciary standard that has protected the clients of investment advisors for decades.” Labor’s regulatory agenda had said a proposed rule would be out by December, but nothing had been filed at the Office of Management and Budget as of Thursday.
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