The economists and staff at the Securities and Exchange Commission who are responsible for performing a more detailed cost-benefit analysis on the agency's rule to put brokers under a fiduciary mandate plan to ask the public to weigh in.
SEC Chairman Mary Schapiro (left) told Rep. Scott Garrett, R-N.J., chairman of the House Financial Services Capital Markets Subcommittee, in a Jan. 10 letter that SEC staff along with three economists in the agency's Division of Risk, Strategy and Financial Innovation (RiskFin), "are drafting a public request for information to obtain data specific to the provision of retail financial advice and the regulatory alternatives."
In this request, Schapiro wrote, "it is our hope commenters will provide information that will allow Commission staff to continue to analyze the various components of the market for retail financial advice."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
