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McHenry Applauds SEC’s Adoption of Commonsense Investor Protection Rules, Preserving Choice for Retail Investors

Washington, Jun 5 -

WASHINGTON – Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement in response to the U.S. Securities and Exchange Commission’s (SEC) finalization of a package of rulemakings and interpretations on financial advice for retail investors including its Regulation Best Interest (Reg BI) rule:

“Protecting everyday investors who have put their trust, and their financial security, in the hands of financial service providers is commonsense. Whether saving for a child’s college tuition, a new house, or retirement, Americans deserve transparent and conflict-free advice to help them reach these financial milestones. I’m glad to see Chairman Clayton, and the SEC, finalize this rule, which will strengthen investor protections, address harmful conflicts of interest by eliminating sales contests, and enhance disclosure requirements. More importantly, this rule will help millions of mom and pop investors achieve the American dream they’ve saved for.”