Financial industry experts testified Friday before the House Financial Services Committee and provided comment on the Obama Administration’s proposed financial regulatory reforms.
Among other noted speakers, Paul Schott Stevens, president of the Investment Company Institute and Diahann W. Lassus, president of Lassus Wherley & Associates on behalf of the Financial Planning Coalition made comment on such reforms.
While Stevens, in a prepared testimony, commended the proposed Consumer Financial Protection Agency envisioned by the Obama Administration for its provision to not have authority with respect to “investment products and services already regulated by the SEC and [the Commodity Futures Trading Commission],” Lassus argued a standard of care and accountability must be established and maintained by all professionals in the financial planning industry.