SEC Chairwoman Mary Jo White said Tuesday that the agency plans to monitor the implementation of the Department of Labor Fiduciary Rule before moving ahead with a uniform fiduciary rule in case, “conflicts develop.” More on the DOL Rule here.
“To a certain degree, you need to see what happens as rules are implemented.” White said.
This was during the hearing held by the Senate Banking Committee on oversight of the SEC. White also told lawmakers that the SEC would not be responsible for enforcing the DOL’s rule as the two are separate government agencies.
Other notable highlights included Chairwoman White butting heads several times with democrats and engaging in an exchange with Senator Elizabeth Warren.
“A year ago I called your leadership at the SEC extremely disappointing,” Senator Warren said. “Today I am more disappointed than ever.”
“I’m disappointed in your disappointment.” Chairwoman White replied.
Warren‘s main concern surrounded the SEC’s disclosure effectiveness initiative which she felt was meant to ”make life easier for corporations and harder for investors.”
White defended the initiative and criticized Warren’s understanding of it as narrow in scope.
White reportedly also said during the hearing that the House of Appropriations Committee’s budget approval for $200 million less than Obama requested could “imperil the progress” of the SEC in 2017.
Source: Think Advisor