Mary Schapiro, chairman of the Securities and Exchange Commission, said Friday that she “still strongly believes” that putting brokers under a fiduciary mandate “is the direction that we need to go in,” and noted that economists and staff at the SEC who are responsible for performing a “more detailed” cost-benefit analysis on the agency’s fiduciary rule will “soon” ask the public to weigh in on a set of questions regarding the agency’s economic analysis.
Schapiro made her comments to reporters after her remarks at the SEC Speaks conference in Washington, held by the Practising Law Institute. Schapiro told reporters that the agency will be seeking “more data” regarding the agency’s economic analysis of its fiduciary rule.
SEC spokesman John Nester said that the request for feedback on the economic analysis on the fiduciary rule will be similar to the one the agency requested in January on financial literacy, “only with more questions and more details.” Nester said no time has been set on releasing the request.