SEC chairman promises action on fiduciary rule | Financial Planning

SEC Chairman Jay Clayton pledged to move forward on the fiduciary rule in a “coordinated” process with the Department of Labor.

Clayton presented the agency’s trimmed-down $1.6 billion budget request before a Senate subcommittee Tuesday, noting more than half would pay for enforcement and examinations. The SEC and Labor Department must work together on “the very complicated issue” of the rule, he said.

“It’s not separate,” Clayton said. “What’s happening at the Department of Labor is going to affect the markets we regulate, and vice versa.”

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