SEC Chairman Jay Clayton. (Photo: Diego Radzinschi/NLJ)

The Senate Banking Committee plans to question Securities and Exchange Commission Chairman Jay Clayton during an oversight hearing on Sept. 26.

Rep. Ann Wagner, R-Mo., said on Sept. 7 that Clayton would testify before the House Financial Services Committee in early October.

The hearings come as the agency is taking comments on whether it should move ahead on a uniform fiduciary rule of its own.

Wagner said during her Sept. 7 comments at an event held by the U.S. Chamber of Commerce that she plans to introduce her bill to repeal the Department of Labor’s fiduciary rule by the end of September.

Wagner, who chairs the House Financial Services Committee’s Oversight and Investigations Subcommittee, floated the draft bill, which also keeps a fiduciary rulemaking under the SEC’s jurisdiction, in mid-July.

“I believe we have a willing partner at the SEC, who gets it,” said Wagner, citing previous comments from Clayton that he would be “extremely disappointed” if there’s “a substantial reduction in choice for the retail investors” as a result of Labor’s fiduciary rule.

“I’ve had many interactions with [Chairman] Clayton, and I look forward to him coming before our committee,” she explained.

In comments at another Chamber event in July, Clayton said that he believed “more clarity” was needed around a uniform fiduciary rulemaking.

“It’s clear that this [fiduciary] is an issue we all can engage on,” Clayton said at the U.S. Chamber of Commerce in Washington. The “DOL rule is on the books, … we’re in a position where we could have different standards for the individual investor — that doesn’t seem right. I think there will be consensus among everybody involved … that the market would benefit from greater clarity here.”

The SEC also recently assembled the team of officials who will be instrumental in coordinating a fiduciary rulemaking with Labor.  

Dalia Blass will now serve as director of the agency’s Division of Investment Management — which has primary responsibility for crafting a fiduciary rule — and John Cook is the new lead advisor to Clayton on matters involving IM, the Division of Economic and Risk Analysis (DERA), and on enforcement matters.

— Check out SEC Assembles Team to Craft Fiduciary Rule on ThinkAdvisor.