InvestmentNews and ThinkAdvisor Quote Investment Management Counsel on SEC Nominees and Financial Literacy
An SEC fiduciary rule, meaningful disclosure, agency overlap, and the Senate’s confirmation of the SEC commissioner nominees were some of the issues discussed by SEC Chairwoman Mary Jo White at a hearing held by the Senate Banking Committee on oversight of the SEC. “The jury seems to be out as to when – or if – the Senate will take up” their nominations, said investment management counsel David Tittsworth (Washington, D.C.) in ThinkAdvisor. White also outlined that the commission is targeting the release of its own fiduciary rule proposal by April 2017. While the debate has been headline news within the institutional community, the issue made prime time with a segment on the HBO comedy program “Last Week Tonight with John Oliver.” Though the issue is receiving greater attention from the wider public, awareness of advice standards is just beginning to rise, Mr. Tittsworth outlined in InvestmentNews. While a positive development, “There's still a long way to go before people achieve a healthy level of financial literacy,” he added.