Securities and Exchange Commission Chairman Jay Clayton says that his agency must work with the Department of Labor (DOL) on the fiduciary rule. He made his comments during a June 27 appearance before the Senate Financial Services and General Government Subcommittee to present the SEC’s fiscal year 2018 budget request.
Clayton said that the SEC would work with the DOL in a “coordinated” way on the “the very complicated issue” of the rule, according to Financial Planning, which added that he remarked that "What's happening at the Department of Labor is going to affect the markets we regulate, and vice versa."
It’s not the first time that Clayton has put his agency in step with the DOL: he told the subcommittee that very early in his tenure as SEC Chief he called for public comment on a uniform fiduciary standard “in light of” the DOL proceeding with the rule.
Clayton reportedly told the subcommittee that he doesn’t want any actions to reduce access to investment advice or investment products, but that the SEC also must protect investors.
Clayton said that the SEC would work with the DOL in a “coordinated” way on the “the very complicated issue” of the rule, according to Financial Planning, which added that he remarked that "What's happening at the Department of Labor is going to affect the markets we regulate, and vice versa."
It’s not the first time that Clayton has put his agency in step with the DOL: he told the subcommittee that very early in his tenure as SEC Chief he called for public comment on a uniform fiduciary standard “in light of” the DOL proceeding with the rule.
Clayton reportedly told the subcommittee that he doesn’t want any actions to reduce access to investment advice or investment products, but that the SEC also must protect investors.
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