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SEC Chair Mary Jo White Says SEC Considering Fiduciary Rule

InvestmentNews reports that the SEC continues to consider a fiduciary rule.  SEC Chair Mary Jo White said that SEC Commissioners have received “a very detailed outline of the staff’s thinking on specific recommendations.”  However, despite the work, a rule is not expected imminently.  According to the article, although Chair White supports a fiduciary rule, Republican Commission members have been opposed to such a rule, and Commissioner Stein has not publicly stated a position; as Chair White stated “[m]y fellow commissioners are constantly asking me to remind everyone that I’m one vote.”  She also acknowledged the challenge of balancing protection with the potential impact on availability of advice, saying “[y]ou also need to be very cognizant of its impact.  You want to make sure you’re doing everything you can to preserve [widely available advice] with the rulemaking you do.”

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