text: New SEC Commissioner Calling For More Study of Fiduciary Rule - Eckerle Law
  The SEC's newest commissioner, Daniel Gallagher, is not afraid of jumping right into the fray. In remarks before the National Society of Compliance Professionals, Gallagher put the brakes on a new fiduciary rule for advisers, saying the SEC must first determine if the change is even necessary.
  Gallagher emphasized that Dodd-Frank gave the SEC discretion as to whether to create a new fiduciary standard.
  "Any rulemaking pursuant to Section 913 must, then, be supported by commission findings that such rules are necessary, as well as a detailed understanding and analysis of the economic consequences of such rules," he added.
  Meanwhile, outgoing SEC chairwoman Mary Schapiro was much more convinced that a uniform fiduciary standard for brokers and advisers would be proposed in 2013. "I very much believe there should be a uniform fiduciary standard of care," Schapiro said during a Q&A session at the Securities Industry and Financial Market annual meeting.