Regarding “Wells Fargo financially rewards Wagner for her efforts” (Sept. 13): Letter writer John Davis fails to mention that the Dodd-Frank regulation he references was struck down by the Fifth U.S. Circuit Court before it was implemented because the Department of Labor overstepped its bounds when imposing new rules during the Obama Administration.
Rep. Ann Wagner knew this was the case, and she offered a bill that would require the Securities and Exchange Commission, the correct agency, to implement a best-interest standard. Financial institutions would have to follow this standard.
The Securities and Exchange Commission just recently approved a new regulation that requires brokers to disclose their potential conflicts of interest when giving investment advice. Companies have until 2020 to comply with the new rule.
In addition, the original Department of Labor rule would have kept investors from having access to the best advice possible because it was so broad (part of the reason it was struck down). I’m glad Rep. Wagner fought against this overreach, which would have prevented small investors like me from investing more for retirement. Rep. Wagner also made sure that there is a best-interest standard in place to protect investors from being swindled.
Tom Wilsdon • Maryland Heights