Senate Banking Committee Chairman Mike Crapo, R-Idaho, said Wednesday that while he doesn't know "what the administration is going to do" regarding the Department of Labor's fiduciary rule, "I personally believe that the [Securities and Exchange Commission] is the appropriate regulator to deal with the issue, and if we can't get some resolution soon, it's my hope that we can further delay the process so that we can allow for that."
Crapo, who made his comments regarding Labor's fiduciary rule to reporters after his remarks at the Financial Industry Regulatory Authority's annual conference in Washington, told conference attendees that he approved of the FINRA360 initiative.
"The markets and FINRA's member firms have changed significantly since FINRA was formed 10 years ago," Crapo said.
"While FINRA has made considerable, innovative changes in a number of areas, it is appropriate that it conduct a review to see if there are other areas that require improvement."
FINRA360, Crapo continued, "will create a framework for the organization to convert feedback and input into action – action that will result in continuous progress." He encouraged audience members to be "highly engaged in this effort."
Crapo noted that he also encouraged SEC Chairman Jay Clayton during his confirmation hearing to perform a retrospective review of the SEC's regulations "to ensure that they are working as intended and are still appropriate."
