(September 2020)

Make no mistake about it. If you were to make odds on whether Reg BI will still be in place one year from today, most would put the chance at less than 50%. That is a pretty dramatic reality for the SEC’s centerpiece legislation of the last half decade. The reason why is that the Democratic party and Joe Biden have made it very clear that they want to pursue a more robust fiduciary standard, and they are currently ahead in the polls. If Biden wins the election, they have many avenues to do this, such as by replacing the head of the SEC, or by passing legislation that alters the Dodd-Frank Act to require a true fiduciary component.



FINSUM + Magnifi: The outcome here seems to be entirely dependent on the election, and that is anyone’s guess! However, one thing this calls to mind is that the DOL also has a proposal on the table to bar ESG from 401(k)s—see our other story on this from today. Hopefully, the DOL won’t go ahead with that proposal (though it seems committed to it), but if it does, perhaps the Democrats could scrap that as well since that rule is doing nothing useful.


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