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Senator Seeks Bipartisan Support on Financial Regulation; Investor Group Opposes CHOICE Act Provisions

Republican Senator Mike Crapo, Chairman of the Senate Banking Committee, recently delivered the keynote address at FINRA’s annual conference. Crapo spoke on the efforts to overhaul financial regulation and stated that his goal is to work in a bipartisan manner with lawmakers and regulators to strike a smart balance with thoughtful regulation that promotes economic growth, InvestmentNews reported.  TheFinancial CHOICE Act earlier in May was approved by a U.S. House committee vote and is slated to go to the full House of Representatives where it is expected to be approved.  The Council of Institutional Investors, which includes benefits groups such as CalPers, in a recent letter to lawmakers criticized provisions of the Financial CHOICE Act “that would threaten prudent safeguards for oversight of companies and markets, including sensible reforms that investors need to hold management and boards of public companies accountable, and that foster trust in the integrity of the markets.” FINRA CEO Robert W. Cook in his address at the conference outlined the path forward for the organization and discussed various initiatives that he would focus on, including: improvement in FINRA’s regulatory operations; making rules more effective and efficient; and supporting technology innovation.