William Galvin blasts House Financial CHOICE Act

Massachusetts regulator calls the pending legislation 'a gift to the investment industry and Wall Street special interests.'
APR 25, 2017

In a letter to members of the House Financial Services Committee, the chief securities regulator for Massachusetts warned that the House Financial CHOICE Act of 2017 would "leave their own constituents at the risk of fraud and financial abuse." William F. Galvin, secretary of the Commonwealth, called the pending legislation "a gift to the investment industry and Wall Street special interests." In particular, Mr. Galvin objected to a provision of the bill forcing federal and state regulators to coordinate enforcement actions. "Maintaining the independent authority of the states is especially important in light of language in the act that has the effect of reducing the SEC's enforcement powers," he wrote, noting that provisions that mandate state and federal enforcement coordination "are just thinly-veiled attempts to similarly tie the hands of the states." Many provisions of the bill will reduce transparency, expose retail investors to unjustified risks, and promote conflicts of interest that will harm retail investors, he wrote.

Latest News

Goldman leads wave of prediction market bans at financial firms
Goldman leads wave of prediction market bans at financial firms

As Goldman Sachs tightens rules on event contract trading, RIAs and hedge funds are weighing their own policies

Advisor moves: Baird recruits $600M veteran pair to director roles in North Carolina
Advisor moves: Baird recruits $600M veteran pair to director roles in North Carolina

Meanwhile, Wells Fargo lures defectors from UBS and JPMorgan to expand in the East Coast, while another bank aligns itself with RayJay's financial institutions division.

AI may be nudging some older workers into early retirement, study finds
AI may be nudging some older workers into early retirement, study finds

New research suggests AI-exposed workers over 55 are leaving jobs more often than before ChatGPT’s rise.

Wall Street banks promoting AI agents from research aids into digital coworkers
Wall Street banks promoting AI agents from research aids into digital coworkers

Agentic AI is landing in trading, treasury and wealth management roles across major banks, with advisory functions as the next frontier.

People moves: FiNet hires former LPL executive Andrew Harpp, Ellevest names new CIO
People moves: FiNet hires former LPL executive Andrew Harpp, Ellevest names new CIO

Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income