Senate Panel to Hold Vote on SEC Nominees Peirce, Jackson

Jackson, expressing his first public views on a fiduciary rule, responded that the SEC “should have an important role in the development of these fiduciary standards; it is a natural area for the SEC to do a rulemaking,” citing Clayton’s work with Labor and other regulators “to develop the SEC’s presence.”

Refraining from commenting “too much on a matter that might come before me if I were confirmed,” Jackson continued, “my own view in developing this type of standard is to make sure that the market and investors have consistency. My concern is that investors are one day going to think they have one standard of protection with retirement assets, and another standard of protection with their brokerage accounts; I think that kind of confusion is not only costly, but doesn’t let investors know what they need to know about the protections they have.”

Peirce, a Republican, reiterated her concerns about Labor’s rule “as it’s currently written,” stating that she’s “glad that calmer minds have prevailed and that people at DOL and at the SEC are taking a look at it.”

She added: “It’s important to work with the states as well and try to get everyone in a room to work together for the objective that everyone has, which is to make sure that investors know the type of service they’re getting and that they have access to service.”