SEC Chairman Jay Clayton's quest to forge a fiduciary standard

The new SEC chairman is confident he can up with a rule better than that of the Department of Labor — one that satisfies brokers, investment advisers and investor advocates alike

Nov 4, 2017 @ 6:00 am

By Mark Schoeff Jr.

+ Zoom

In his first month as chairman of the Securities and Exchange Commission, Jay Clayton put the wheels in motion to formulate a uniform fiduciary standard for brokers and investment advisers, something that eluded his two direct predecessors and which supporters and critics alike agree could be a herculean task.

Sworn in on May 4, Mr. Clayton released a request for comment on fiduciary duty on June 1, making it one of his first official actions. And in October, he told lawmakers that the SEC staff was already drafting a fiduciary proposal.

But in taking the fiduciary rule by the horns, Mr. …

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