Lawmakers Urge SEC to Withdraw Rule on Custodial Services, Citing Excessive Costs and regulatory

Lawmakers from the House Financial Services Committee, including Committee Chairman Patrick McHenry and Subcommittee Chairman French Hill, are urging the Securities and Exchange Commission (SEC) to withdraw its proposed rule that would increase the cost of custodial services for registered investment advisors (RIAs). The lawmakers argue that the rule goes against established practices and exceeds the SEC’s authority.

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