Senator Elizabeth Warren (D MA) speaks at the Credit Union
Senator Warren questions SEC chair on broker reforms
WASHINGTON (Reuters) canadian goose jacket Senator Elizabeth Warren said Friday that the canada goose coats Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission plans to Canada Goose Outlet adopt its own separate rules. Senator Elizabeth Warren (D MA) speaks at the Credit Union National Association Governmental Affairs Conference in Washington March cheap canada goose uk 11, 2015. REUTERS/Gary Cameron
President Barack Obama, with frequent Wall Street critic Warren at his side, last month called on the Labor Department to quickly move forward canada goose coats on sale to tighten brokerage standards on retirement advice, lending new momentum to a long running effort to implement reforms aimed at reducing conflicts of interest canada goose uk black friday and canada goose uk outlet fees.
But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday said Canada Goose Jackets she supported moving ahead with a similar effort to hold retail brokers to a higher standard.
want to see the Department of Labor go Canada Goose Online forward now, Warren told Reuters in an interview Friday.
is no reason to wait for the SEC.
Warren said that while she canada goose has no uk canada goose concerns with the SEC moving forward to write canada goose black friday sale its own rules, she fears its involvement may give Wall Street a hook to try Canada Goose Coats On Sale to delay or water down a separate ongoing Labor Department effort to craft tough new rules governing how brokers dole out retirement advice.
She also raised questions about White decision to Canada Goose Parka unveil her position at a conference hosted by the Securities Industry and Financial Markets Association (SIFMA), a trade group representing the interests of securities brokerage firms.
Not only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers commission based compensation in any canada goose clearance related website new fiduciary rule.
was surprised that (Chair) White announced the rule at canada goose uk shop a conference hosted by canada goose clearance sale an industry trade group that spent several years and canada goose store millions of dollars lobbying members of Congress to block real action to fix the problem, Warren said.
Warren, a Massachusetts Democrat who frequently challenges market regulators as too buy canada goose jacket cozy with industry, stopped short of Canada Goose online directly criticizing White.
The SEC and SIFMA both declined to comment on Warren comments.
SIFMA has strongly buy canada goose jacket cheap opposed the Labor Department efforts, fearing its rule will contain draconian measures that would cut uk canada goose outlet broker profits, and in turn, force Canada Goose sale brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers.
The SEC has said it has been coordinating with the Labor Department on the rule writing effort, but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws.
The industry and reform https://www.canadagooseonlineshop.co.uk advocates have been waiting canada goose factory sale now for years to see whether the SEC would move to tighten standards.
Warren expressed some skepticism on Friday about whether the SEC cheap Canada Goose will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered.