The SEC’s proposed best-interest rule should replace competing standards at the federal and state level, SEC chairman Jay Clayton says.
“There are too many regulatory cooks in the kitchen,” he said Wednesday at a public forum in Philadelphia, according to The Wall Street Journal. Several states are in the process of creating their own advice standards, and a similar rule, issued by the Department of Labor, was recently struck down in court.
via SEC’s Clayton: One Rule to Rule Them All – Barron’s.
