Americans for Financial Reform

Government Category: Advocacy Documents

Joint Letter: SEC Broker Proposal Fails To Establish Strong Standard or Mitigate Conflicts

The rule’s most significant failing is that it does not establish a clear uniform best interest standard, one that is no less stringent than that found in the Investment Advisers’ Act, for all professionals who provide investment advice to retail clients. Instead, it adopts a weaker standard for broker-dealers that falls short of a true best interest standard and does not adequately address the conflicts of interest that too often are permitted to taint broker-dealers’ recommendations.

Letters to Congress: AFR and three other organizations sent a joint letter to Congress urging opposition to HR 5059, the State Insurance Regulation Preservation Act.

On July 24, 2018, Americans for Financial Reform, the Center for Economic Justice, the Consumer Federation of America, and U.S. PIRG, sent a joint letter to members of the House Committee on Financial Services urging them to vote in opposition to HR 5059, the “State Insurance Regulation Preservation Act”. HR 5059 would create a new