Democratic Takeover of House Could Spell Trouble for SEC’s Advice Standards
Financial Advisor IQNovember 06, 2018
If the Democrats succeed, Rep. Maxine Waters, D-Calif., would take over from Rep. Jeb Hensarling, R-Texas, as chair of the House Financial Services Committee, the publication writes.
Waters has been a fierce critic of the SEC’s proposed advice standards overhaul. She was one of 35 House and Senate Democrats who sent a letter to SEC chairman Jay Clayton accusing the SEC of not following the Dodd-Frank mandate to establish a uniform fiduciary standard applicable to both advisors and brokers, Duane Thompson, senior policy analyst at technology and training firm Fi360, tells ThinkAdvisor.
