SIFMA Statement on Committee Passage of the Retail Protection Act

Release Date: September 30, 2015
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Statement on Committee Passage of the Retail Protection Act

Washington, DC, September 30, 2015 – SIFMA today issued the following statement from Andy Blocker, SIFMA Executive Vice President of Public Policy and Advocacy on the House Financial Services Committee’s passage of HR 1090, the Retail Investor Protection Act:

“SIFMA supports the passage of HR 1090, the Retail Investor Protection Act, which would require the SEC to take the first action in establishing a uniform fiduciary standard. Despite the well meaning intentions of the Department of Labor, we believe their proposal would result in bifurcated and conflicting standards, redundant compliance regimes and unnecessary investor confusion and cost.

“SIFMA supports a strong, substantive best interests standard that applies across all investment recommendations made to individual retail customers in all investment accounts, not just limited to retirement accounts.In our view, Rep. Wagner’s legislation is drafted in such a way that appropriately underscores the lead role of the SEC as the nation’s primary securities regulator with a long history of investor protection, market regulation and enforcement. This iswhat Congress intended when it adopted Section 913 of the Dodd-Frank Act.”