InvestmentNews reports that the SEC continues to consider a fiduciary rule. SEC Chair Mary Jo White said that SEC Commissioners have received “a very detailed outline of the staff’s thinking on specific recommendations.” However, despite the work, a rule is not expected imminently. According to the article, although Chair White supports a fiduciary rule, Republican Commission members have been opposed to such a rule, and Commissioner Stein has not publicly stated a position; as Chair White stated “[m]y fellow commissioners are constantly asking me to remind everyone that I’m one vote.” She also acknowledged the challenge of balancing protection with the potential impact on availability of advice, saying “[y]ou also need to be very cognizant of its impact. You want to make sure you’re doing everything you can to preserve [widely available advice] with the rulemaking you do.”
