Joining forces with a handful of state attorneys general who are seeking to have the Securities and Exchange Commission’s Regulation Best Interest set aside, former Sen. Christopher Dodd (D-Conn.) and former Rep. Barney Frank (D-Mass.), joined by 10 other current and former members of Congress, have filed a “friend of the court” brief in the 2nd U.S. Circuit Court of Appeals siding with the states.
The SEC finalized its rule in July 2019. Among other things, Regulation Best Interest establishes a standard of conduct for broker-dealers, who are to act in the best interest of their retail customers at the time they make a recommendation.
