Wall Street critic and staunch fiduciary rule proponent Rep. Maxine Waters, D-Calif., has offered an amendment to block the SEC’s recently approved Regulation Best Interest, according to the Insured Retirement Institute.
The amendment to the Financial Services and General Government Appropriations Act of 2020 seeks to block the SEC from using funds to “implement, administer, enforce, or publicize the final rules and interpretations” of the regulator’s overhaul of investment advisor and broker conduct rules, according to Waters’ proposal. The IRI opposes the amendment, the industry group tells FA-IQ in a statement.
The House Rules Committee was scheduled to consider the amendment yesterday and was still debating it late into the evening, according to ThinkAdvisor.
Waters was a vocal supporter of the Department of Labor’s Obama-era fiduciary rule, which required retirement account advisors to put clients’ interests first but was killed in an appeals court last year. Earlier this year, she questioned SEC Chairman Jay Clayton about whether the SEC’s package of regulations does enough to protect investors.