Joining the growing discontent with the Securities and Exchange Commission’s Regulation Best Interest, Democrats in the House of Representatives on Wednesday passed legislation that could starve the quasi-fiduciary standard for investment advice of funding.
The maneuver relied upon an amendment to The Financial Services and General Government Appropriations Act (H.R. 3351), which would fund the SEC and other agencies for the start of the 2020 fiscal year (Oct. 1). The amendment, however, prohibits the annual congressional appropriations process from funding the rule and the implementation of its various components.
