Hensarling is the incoming chair of the House Financial Services Committee. Borzi is assistant secretary for the DOL’s Employee Benefits Security Administration.
 
Departures that will have an impact include that of Barney Frank (D-MA) who co-authored the Dodd-Frank Act and Maxine Waters (D-CA) who introduced a user fees bill last year to stymie the self-regulatory organization (SRO) bill put forth by Rep. Spencer Bachus.
 
Hensarling stated that he considers his new role to be that of regulating the regulators. Word is that he will put the SRO bill on the back burner but FINRA is likely to continue to push for the legislation.
 
Borzi is newly reappointed for four more years in her position. The greatest impact on advisor businesses may come from the EBSA’s revision of the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA).
 
The SEC’s Walter will face deadlocks from a 2-2 split of commissioners as she faces clear opposition from the two Republicans. So it will be difficult for her to gain a majority for any of the rule-making proposals still on the table.

 

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