Here’s how a Democratic House will affect financial advisers
InvestmentNewsNovember 07, 2018
A Democratic takeover of the House isn't likely to influence the Securities and Exchange Commission's investment advice reform proposal despite one of the leading critics of the SEC's effort being poised to head the committee overseeing the agency.
In Tuesday's midterm elections, Democrats gained a House majority, while Republicans strengthened their hold on the Senate.
The results mean Rep. Maxine Waters, D-Calif., is likely to become chairwoman of the House Financial Services Committee. As the current ranking member of the panel, she has pressed SEC chairman Jay Clayton to strengthen the proposed Regulation Best Interest designed to raise broker advice standards.
