Why Eight States Are Suing Over ‘Reg BI’

September 18, 2019 by Kerry Pechter

Which is greater: The SEC’s cynicism in using its sacred powers to protect the brokerage industry instead of the investing public, or the naïveté of eight state attorneys general in believing that they can bring the powerful brokerage industry to heel?

A U.S. District Court judge in the Southern District of New York has been asked to sort things out.

On Monday, the attorneys general of New York, California, Delaware, Maine, Oregon, New Mexico, Connecticut and the District of Columbia—all pro-Clinton in 2016—sued the SEC and asked the court to set aside the SEC’s recently passed Regulation Best Interest or “Reg BI.”

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Originally Posted at Retirement Income Journal on September 12, 2019 by Kerry Pechter.