Bipartisan coalition of state treasurers ask SEC to protect constituents
Harrisburg, PA – Treasurer Joe Torsella today announced that a bipartisan coalition of state treasurers responded to the U.S. Securities and Exchange Commission’s (SEC) request for public input in a joint letter, detailing the need for a regulatory framework that will ensure all financial professionals who offer advice on investments must hold their clients’ interest first.
“When Pennsylvanians go to work, they know that to be successful they have to work in the best interests of their customers and clients. When they go to receive professional financial advice, they deserve to receive that same standard. Swift implementation of the fiduciary rule will require financial professionals giving advice to place each Pennsylvanian’s interests above Wall Street’s and their own. As fellow Treasurers from around the Country know, we need that now more than ever, as families work hard to put their kids through college, save enough to retire with dignity, and build their families' futures.”
Pennsylvania Treasurer, Joe Torsella
In the letter to SEC Chairman Jay Clayton, the treasurers outline the growing need for financial advisors, as Americans rely less on defined benefit plans and more on individual savings to carry them through retirement years. These individual investors must be safeguarded in their efforts to save for the future.
In June of 2017, the coalition urged the U.S. Department of Labor (DOL) to remain committed to the Fiduciary Standard Rule without revisions. The coalition of state treasurers includes Illinois Treasurer Michael W. Frerichs; Iowa Treasurer Michael L. Fitzgerald; Maryland Treasurer Nancy K. Kopp; Oregon Treasurer Tobias Read; Pennsylvania Treasurer Joe Torsella; Rhode Island Treasurer Seth Magaziner; South Carolina Treasurer Curtis Loftis; Utah Treasurer David Damschen; Vermont Treasurer Elizabeth A. Pearce; Washington Treasurer Duane A. Davidson; and Wyoming Treasurer Mark Gordon.