Career staff at the Securities and Exchange Commission provided the Department of Labor “substantial technical assistance” as DOL crafted its proposed fiduciary rule, according to testimony SEC Chair Mary Jo White gave lawmakers on a House of Representatives subcommittee.
Her comment was made in response to questions from Rep. Tom Graves, R-Georgia, who noted a recent report from a Senate committee that alleged DOL ignored input from SEC staff as the fiduciary proposal was drafted.
White explained that SEC advised DOL staff on various models of how broker-dealers are compensated on their services.
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