WASHINGTON, D.C. – The Insured Retirement Institute (IRI) is urging Congress to provide sufficient funding for the U.S. Securities and Exchange Commission (SEC) to effectively oversee the industry’s ongoing implementation of and compliance with Regulation Best Interest (Reg BI) and Form CRS (Client or Customer Relationship Summary).
IRI expressed its support for the SEC funding in a letter to Senator Chris Van Hollen (D-Md.) and Senator Cindy Hyde-Smith (R-Miss.), the chair and ranking member, respectively, of the Subcommittee on Financial Services & General Government of the Senate Appropriations Committee. The subcommittee is considering the SEC’s fiscal year 2023 budget.
IRI supports both regulations, which require broker-dealers and their registered representatives to always act in their clients’ best interest without putting their own interests ahead of their clients. The rules also ensure that investors have the information they need to make informed decisions when choosing a financial professional and whether to follow investment advice from their chosen advisor.
The House Appropriations Committee has approved similar legislation. A vote by the full House is expected in the coming weeks. The 2023 fiscal year starts on October 1.
# # #
Contact: Dan Zielinski
Stay Informed
Latest News
HOUSE COMMITTEE CONSIDERS WORKPLACE RETIREMENT PLAN MEASURE
IRI Says Bill Will Advance Financial Equity, Security for Workers and Families WASHINGTON, D.C. – Nearly 40 million small business…
Insight August 2021
This month's issue of IRI Insight features timely resources on how empathetic listening, when coupled with sound financial guidance, can...
IRI SURVEY SHOWS WORKERS NEED IMPROVED RETIREMENT SAVING HABITS AND MORE REALISTIC RETIREMENT EXPECTATIONS WHILE VALUING PROTECTED LIFETIME INCOME
WASHINGTON, D.C. – Most workers over age 40 have inadequate retirement savings and are not saving enough to catch up,…