The top Democrat on the Senate Banking Committee on Thursday called for a hearing on the Securities and Exchange Commission’s proposed Regulation Best Interest.
Sen. Sherrod Brown, D-Ohio, said during a hearing to discuss a package of capital formation bills that the letter sent to the SEC on Feb. 6 by 11 former SEC economists declaring that Reg BI “had weak and incomplete economic analysis that can have a real impact on American families,” should be “a red flag” for the committee. “We should call in the SEC to explain,” Brown said.
House Financial Services Committee Chairwoman Maxine Waters, D-Calif., plans to grill SEC Chairman Jay Clayton about Reg BI during a March 14 hearing titled “Putting Investors First? Examining the SEC’s Best Interest Rule.”
The Senate Banking Committee discussed, but did not vote on, a package of legislative proposals that Senate Banking Committee Chairman Mike Crapo, R-Idaho, said remain outstanding from last Congress.