Labor’s Alexander Acosta and SEC’s Jay Clayton tell lawmakers they will work together on fiduciary rule
In separate appearances before Senate panels, the regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding
June 27, 2017 | by Mark Schoeff Jr. | InvestmentNews
Labor Secretary Alexander Acosta and Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Tuesday that their agencies would work together on investment advice regulation.
In separate appearances before Senate panels, the two regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding. Supporters of the rule, which was finalized last year by the Obama administration, maintain that the DOL did consult with the SEC while it was written.
“The SEC has important expertise and they need to be part of the conversation,” Mr. Acosta said to the Senate Appropriations subcommitteeon labor and health and human services. “It’s my hope that as the SEC also receives a full complement of commissioners that the SEC will continue to work with the Department of Labor on this issue.”
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