Sens. Elizabeth Warren and Tom Cotton are teaming up to call for more accountability regarding financial advisor misconduct. Talk about an odd couple.
Warren, a Massachusetts Democrat and leading progressive voice, and Cotton, a young conservative Arkansas Republican who has made headlines during his first year in the Senate, announced Wednesday that they co-wrote a letter to the Financial Industry Regulatory Authority, or FINRA, asking for information on how FINRA is addressing revelations of bribery, fraud, extortion and forgery among some financial advisers.
“The evidence clearly shows that FINRA’s efforts to date have not been enough to address the incidence of misconduct among financial advisers,” the senators wrote. “Each day that FINRA fails to take stronger action is another day that working families will be exposed to an unacceptably high risk of financial adviser misconduct.”
Cotton and Warren asked that FINRA provide information by June 15 on steps being taken to address these problems. Both senators serve on the Banking, Housing and Urban Affairs Committee, as well as the Special Committee on Aging.