WASHINGTON ― The acting SEC chair isn't mincing words on the Department of Labor's fiduciary rule.

"I have a very nuanced view of the DoL fiduciary duty rule: I think it is a terrible, horrible, no-good, very bad rule. For me that rule was never ever about investor protection," Chairman Michael Piwowar says. "To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits."

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access