November 28, 2017 / 7:23 PM / 18 days ago

U.S. Treasury's Phillips calls fiduciary rule 'regulation looking for a problem'

NEW YORK, Nov 28 (Reuters) - Craig Phillips, counselor to U.S. Treasury Secretary Steven Mnuchin, said on Tuesday that he supports the delay of the fiduciary rule, calling it a “regulation looking for a problem.”

Phillips, speaking at the Managed Funds Association Conference, said on the Financial Stability Oversight Council: “We believe it’s a very valuable forum. We don’t have any intention of removing FSOC’s authority.” (Reporting By Olivia Oran Editing by Chizu Nomiyama)

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