Wagner Supports SEC Rule To Protect Main Street Investors
Washington, D.C. — Congresswoman Ann Wagner (R-MO-02) released the following statement after the U.S. Securities and Exchange Commission (SEC) passed the Regulation Best Interest rule that will raise the standard for investor protections:
“I have fought for years against the misguided investor rule implemented by the Department of Labor that created a standard that is both confusing and harmful. In the last three Congresses, the House passed legislation I authored repealing the DOL’s rule, in addition to creating a best interest standard that serves retail investors and families saving for their futures.
“I applaud the SEC for taking the lead and establishing a uniform standard of conduct for broker-dealers to ensure that they will best serve their clients. Low and middle-income investors will now be protected by a strong federal standard that will hopefully avoid additional state rulemaking, which would result in a patchwork of requirements and confusion for all stakeholders. The Regulation Best Interest rule will ensure that broker-dealers mitigate conflicts of interest, instead of just disclosing potential conflicts. This new rule benefits Main Street Americans who need access to affordable products along with sound and transparent financial advice. It protects Missouri families who are saving for retirement without limiting access or unintentionally harming these investors.
“The SEC is the right agency to manage this regulation and Chairman Clayton has been a willing partner in this fight from day one. Under his leadership the implementation of this rule will correct years of misguided policy.”