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AFR Statement: Weak SEC Proposal on Broker Standards

Submitted by on April 19, 2018 – 11:11 am


April 18, 2018

Carter Dougherty


(202) 251-6700

 AFR Statement on Weak SEC Proposal on Broker Standards

 Statement from Marcus Stanley, policy director, Americans for Financial Reform:

“What we need is a straightforward, enforceable rule that would clearly require brokers to act in their clients’ best interests when giving advice. Anything less will allow Wall Street sales forces to continue to rip off unsuspecting American investors. The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”


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