Republicans Want More Study Before SEC Sets U.S. Fiduciary Rule
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Republicans on the House Financial Services Committee asked the U.S. Securities and Exchange Commission to hold off on proposing a rule to require that brokers adhere to the same fiduciary duty standard as registered investment advisers.
A study released by the SEC in January recommended the commissioners adopt a common standard for both. A group of 14 Republican lawmakers, including Representative Scott Garrett of New Jersey and other senior members of the House committee, sent SEC Chairman Mary Schapiro a letter today urging her to conduct “much more rigorous analysis” and provide “proper analytical justification for action” before considering a rule.