The full Senate confirmed Jay Clayton as chairman of the Securities and Exchange Commission by a 61-37 vote this week.
Industry groups were quick to applaud the former Sullivan & Cromwell partner's appointment, with most expressing their view that Clayton should put adopting a uniform fiduciary rule (also known as a best interest standard) for brokers and advisors at the top of his priorities.
Financial Services Roundtable CEO Tim Pawlenty said that he "looks forward to working with the SEC on regulatory initiatives that will have a positive impact on the economy including a 'best interest standard' for retail investors, regulatory harmonization, simplified financial disclosures and more to benefit Americans."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
