House Financial Services Committee Chairwoman Maxine Waters, D-Calif., plans to grill Securities and Exchange Commission Chairman Jay Clayton during a mid-March hearing on the agency’s proposed Regulation Best Interest.
Waters’ March hearings agenda also includes examining Wells Fargo’s “pattern of consumer abuses,” along with a semi-annual review of the Consumer Financial Protection Bureau.
The hearing on Reg BI, titled “Putting Investors First? Examining the SEC’s Best Interest Rule,” will be held on March 14 by the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, chaired by Rep. Carolyn Maloney, D-N.Y.
The full committee will convene the CFPB hearing on March 7 with the Wells Fargo hearing slated for March 12.
Waters was among 35 House Democrats who complained to Clayton late last year that the agency’s Regulation Best Interest — part of the securities regulator’s much-anticipated advice standards package — was not a true fiduciary standard.
— Check out Waters to Hold Hearing on Credit Bureaus, Equifax Breach on ThinkAdvisor.