The IPA’s Anya Coverman testified at hearings held by the state of Maryland on proposed legislation that includes a provision to establish a fiduciary rule. The “Financial Consumer Protection Act of 2019” (Senate Bill 786 and House Bill 1127) would give broad authority to the Maryland Securities Commissioner to establish a fiduciary rule for broker-dealers and investment advisers. The IPA individually, and in partnership with the Maryland Consumer Best Interest Coalition, submitted comment letters opposing the proposed legislation:
- IPA Comments on Maryland Senate Bill 786
- IPA Comments on Maryland House Bill 1127
- IPA/Maryland Consumer Best Interest Coalition Comments on SB 786
- IPA/Maryland Consumer Best Interest Coalition Comments on HB 1127
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| The IPA’s Anya Coverman (far right) testifies on Maryland’s Financial Consumer Protection Act of 2019.
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Update on SEC Regulation Best Interest
Today the U.S. House Financial Services Committee, Subcommittee on Investor Protection Entrepreneurship, and Capital Markets is holding a hearing entitled, “Putting Investors First? Examining the SEC’s Best Interest Rule.” The IPA is a member of the U.S. Chamber of Commerce, who sent a letter to Chair Maloney and Ranking Member Huizenga voicing support for the SEC’s proposals, which will be submitted for the record at the hearing. The IPA stands with the Chamber, and continues to work toward a workable best interest standard.