Michael Piwowar, the SEC’s newest commissioner, expressed concerns Jan. 27 that the agency’s rulemaking on the uniform fiduciary rule could cause confusion. Piwowar advocated instead for more disclosure and investor education. Speaking to a reporter after a speech this week at a U.S. Chamber of Commerce meeting in Washington, the former Senate Banking Committee economist stated that raising the standard for brokers could cause more investor confusion.
According to Brian Graff, Executive Director/CEO of ASPPA and NAPA, "NAPA recently met with the new commissioner and expressed concerns about the possible added investor confusion that could arise from a non-uniform uniform fiduciary standard." (Graff addressed this issue last summer here.)
In Piwowar’s speech to the Chamber meeting, he reiterated SEC Chair Mary Jo White’s position that reforming money markets is still a high priority at the agency.
