Rep. Waters Plans March 14 Hearing on SEC's Reg BI
A March 12 hearing will also be held by the committee to probe Wells Fargo's pattern of consumer abuses.
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.