April 19, 2018
Jay Clayton, Chairman
SEC Headquarters
100 F Street, NE
Washington, DC 20549
(202) 551-2100
chairmanoffice@sec.gov
Re: Weak SEC Proposal on Broker Standards
Dear Chairman:
Responding to the Proposal on Broker Standards: What we need is a straightforward, enforceable rule that would clearly require brokers to act in their clients’ best interests when giving advice. Anything less will allow Wall Street sales forces to continue to rip off unsuspecting American investors. The proposal described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.
Thank you for the opportunity to bring these remarks to your attention.
Yours sincerely,
Robert E. Rutkowski
cc:
House Democratic Whip Office
Legislative Correspondence Team