SEC: Don't let brokers rip off their clients
SEC Chair Jay Clayton
Every year, American savers lose up to $40 billion because brokers give them bad advice. In spite of this, SEC Chair Jay Clayton has proposed new rules that won’t stop conflicts of interests that lead brokers to rip off their clients.
The SEC should protect small investors, not give away the store to Wall Street.
Please join us, and tell SEC Chair Clayton to strengthen its “Regulation Best Interest” proposal to actually protect investors from broker conflicts-of-interest
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To:
SEC Chair Jay Clayton
From:
[Your Name]
We are writing to ask that you dramatically improve your proposal for a so-called Regulation Best Interest by requiring that brokers act in their clients’ best interests, or abandon it entirely. This regulation ought to be about ensuring that investors get the best possible advice, since they lose billions each year to self-serving brokers. But your proposal would not prevent the very real financial harm that investors suffer, and risks even further solidifying this terrible state of affairs with the SEC’s blessing.