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SEC Chair Clayton to Step Down

By NAIFA on 11/17/20 8:45 AM

The National Association of Insurance and Financial Advisors (NAIFA) would like to thank Securities and Exchange Commission Chairman Jay Clayton for his leadership and service. Clayton has announced that he will leave the agency at the end of 2020. As chairman, Clayton has shown a strong willingness to understand and consider the perspectives of financial professionals. He has met with NAIFA leaders and members on issues of importance to advisors and their clients.

The SEC under Clayton’s leadership has put into place effective consumer protections that also ensure Main Street investors have choices when it comes to getting financial products and services. The SEC’s Regulation Best Interest requires financial professionals to serve the best interests of their clients and allows middle market investors to retain access to personalized advice.

“Chairman Clayton has been the driving force behind Reg BI, which has been in force since June 30 and sets a strong standard for consumer protection while preserving the ability of financial professionals to help Main Street Americans achieve financial security,” said NAIFA CEO Kevin Mayeux, CAE. “The positive impact of Reg BI is becoming apparent, and it is an impressive legacy for Chairman Clayton.”

Reg BI has become the centerpiece of consumer-focused investor-protection regulations. The Department of Labor is finalizing rules that align with Reg BI, and the National Association of Insurance Commissioners (NAIC) has created a model law to align insurance products and services with Reg BI. Alignment of these measures with Reg BI provides all consumers with protections, transparency, and choices on advice and services they need to meet their financial objectives.

“NAIFA wishes Chairman Clayton well in his future endeavors,” Mayeux added. “We look forward to working with the next SEC Chair to ensure every American has access to products, services, and advice they need to achieve financial security.”