Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following Securities and Exchange Commission (SEC) Chair Mary Jo White’s comments in support of the agency advancing a fiduciary standard for brokers providing securities investment advice:

“We applaud SEC Chair Mary Jo White’s public acknowledgment that the SEC and DOL have different statutes, missions and jurisdictions, and that it is important for both agencies act on their separate mandates. Neither should be subordinated to the other. After many years of broad and deep consultation and deliberation, the DOL is very far along in satisfying its independent duty to protect American’s tax-advantaged retirement savings by closing loopholes in a 40 year old rule, by reducing conflicts of interest, and by requiring the clients’ best interests to come first.

While we welcome the Chair’s personal support for a broader best interest fiduciary standard within the SEC’s securities jurisdiction, the SEC is many years behind the DOL in considering such a standard, consulting with all interested parties and getting to the point where it might be appropriate to even propose a rule. Indeed, the SEC is just beginning that process, which, if done as deliberatively and inclusively as the DOL, will take years and might not even result in a proposed rule.”

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Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.