I can't figure out if the DOL's Phyllis Borzi is tougher than the SEC's Mary Shapiro or just smarter. The evidence can go either way. Let's take a look.
Last week Borzi showed her toughness when she went head-to-head with opponents of the DOL's new definition of fiduciary. She decried the conflicts-of-interest inherent among non-fiduciaries and promised to move forward despite the outrageous slings and arrows being thrown at her and her department.
Contrast that to Shapiro, who only days before conceded things might be delayed in terms of the fiduciary standard. Well, actually she said the SEC would rule on the fiduciary standard by year end but harmonizing the rules between brokers and RIAs might take a little be more time. Why? Because we're all having a difficult time agreeing on things.
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