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Labor Department should press ahead with brokerage industry

Labor Department should press ahead with brokerage industry
Bu haber 01 Haziran 2013 - 8:40 'de eklendi ve kez görüntülendi.

Senator Warren questions US SEC chair on broker reforms

(Repeats with no changes)

By Sarah N. Labor Department should press ahead with brokerage industry reforms, and cheap Canada Goose not be deterred by the canada goose clearance sale Securities and Exchange Commission plans to canada goose uk outlet adopt its own separate Canada Goose Jackets rules.

President Barack Obama, with frequent Wall Street critic Warren at his my website side, last canada goose clearance month called Canada Goose Coats On Sale on the Labor buy canada goose jacket cheap Department to quickly move forward uk canada goose outlet to tighten brokerage standards on retirement advice, lending new momentum to a long buy canada goose jacket running effort to implement reforms aimed at reducing canada goose conflicts of interest and fees.

But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday Canada Goose Online said she supported moving ahead with a similar effort to hold retail canadian goose jacket brokers to a higher standard.

want canada goose coats to canada goose uk black friday see the Department of Labor go forward now, Warren told Reuters in an interview Friday.

is no reason to wait for the SEC.

Warren said that while she has no concerns with the SEC moving Canada Goose Parka forward to write its own rules, she fears its involvement may give Wall Street a hook to try to delay or water down a separate ongoing Labor Department effort to craft tough new rules uk canada goose governing how brokers dole out retirement advice.

She also raised questions about White decision to unveil her position at a conference hosted by the Securities Industry and Financial canada goose factory sale Markets Association Canada Goose sale (SIFMA), a trade group representing the interests of securities brokerage firms.

Not canada goose black friday sale only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers commission based compensation in any new fiduciary rule.

was surprised that (Chair) White announced the canada goose store rule at a conference hosted by an industry trade group that spent several years and millions of dollars lobbying members of Congress to block real action to fix the problem, Warren said.

Warren, a Massachusetts Democrat who frequently challenges market regulators as too canada goose coats on sale cozy Canada Goose online with industry, stopped short of directly criticizing White.

The SEC and SIFMA both declined to comment on Warren comments.

SIFMA has strongly opposed the Labor Department efforts, fearing its rule will contain draconian measures that would cut broker profits, and canada goose uk shop in turn, force brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers.

The SEC has said it has been coordinating with the Labor Department on the rule writing effort, cheap canada goose uk but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws.

The industry https://www.canadagoose-coats.ca Canada Goose Outlet and reform advocates have been waiting now for years to see whether the SEC would move to tighten standards.

Warren expressed some skepticism on Friday about whether the SEC will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered. (Reporting by Sarah N. Lynch; Editing by Christian Plumb).

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