Piwowar Says Dodd-Frank Measures on Back Burner; Lawmakers Introduce Bills Aimed at Fiduciary Rule, SEC Rulemaking

SEC Commissioner Michael Piwowar, who is expected to become the agency’s acting chairman after Chair Mary Jo White steps down, said the SEC will not prioritize any rules required by the Dodd-Frank Act, the Wall Street Journal reported. Piwowar instead expressed support for measures to modernize the format of corporate disclosures and to shorten the settlement cycle for stocks to two days from three. Meanwhile, bills introduced in Congress seek improved cost-benefit analysis on SEC rulemaking and a two-year delay for the DOL Fiduciary Rule. Congresswoman Ann Wagner, a Missouri Republican, introduced the bill aimed at the SEC’s rulemaking process requiring cost benefit assessments for new regulations and assessments of post-adoption impact for new SEC regulations. Wagner was recently named chairman of a subcommittee on the House Financial Services Committee. The Regulatory Accountability Act, a broader bill which is expected to be approved by the House, seeks to add several procedural steps to the rulemaking process.