FOR IMMEDIATE RELEASE
Nov. 7, 2018
CONTACT: Carter Dougherty, firstname.lastname@example.org, (202) 251-6700
AFR Statement on SEC Advisory Committee View of Broker Standards Rule
Statement from Heather Slavkin Corzo, senior fellow, Americans for Financial Reform on the recommendation by the SEC’s Investor Advisory Committee on the proposed Regulation Best Interest:
“What we heard today from the diverse membership of the SEC’s own advisory committee is that they share our view that the proposed Reg BI would not protect investors. The IAC has called on the SEC to instead pass rules that make clear that brokers have a legal obligation to act in the best interests of their clients.
“Only a tough standard of conduct for brokers can protect millions of investors in the United States saving for retirement, their children’s educations, or a more secure future. The SEC has the important job of protecting everyday investors. It needs to improve the rule so that it genuinely does that, not one that provides a dangerous veneer of protection that only leaves people more at risk.”