SEC should follow the Labor Department’s fiduciary standard
Last month at the Economic Club of New York, Securities and Exchange Commission Chairman Jay Clayton articulated a set of eight principles for the agency moving forward. He poignantly placed one question front and center under principle #2: “How does what we propose to do affect the long-term interests of Mr. and Ms. 401(k)?”
It’s a question the SEC should take seriously as, at Clayton’s direction, it reviews public comments on the fiduciary duty of financial professionals to their clients.
The above excerpt was originally published in MarketWatch. Click here to view the full article.
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Director, Consumer Finance