Democratic senators Elizabeth Warren (D-Mass.), Cory Booker (D-N.J.) and Sherrod Brown (D-Ohio) have sent a letter to the Financial Industry Regulatory Authority requesting that it provide its interpretation of the Securities and Exchange Commission’s proposed standards of conduct rule.
In their letter to FINRA President and Chief Executive Officer Robert Cook, the legislators expressed concern that the rule, which FINRA will play a large role in implementing and enforcing, would not adequately protect investors or guarantee that brokers put their clients’ interests ahead of their own.
