Come hear from Governor Maura Healey as she addresses Chamber members as the 73rd Governor of the Commonwealth.
9:45am - 11:00am
The Westin Copley
Hear from a panel of professionals on how apprenticeship programs are creating a more robust and diverse talent pipeline.
3:00pm - 5:00pm
Another Age Productions
Join us for our highly anticipated Annual Meeting, Greater Boston's top business convening of the year.
4:30pm - 8:00pm
Boston Convention and Exhibition Center
Expand your DEI professional development with a virtual workshop focused specifically on LGBTQIA+ identities and inclusion.
Join our Transformational DEI Certificate! Our comprehensive learning & development offerings are designed to connect and grow strong leaders who lead both inside and out of the office.
Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.
Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.
City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.
We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).
The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations and their peers to build connection, advance careers and ignite positive change.
BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.
For nearly 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.
The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.
We support small business through public policy initiatives, events designed to connect small businesses in Greater Boston to their peers and established business leaders, professional development offerings, and free small business advising.
Explore our mission and values to better understand how we are leading the business community forward.
Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.
The showdown between Bill Galvin and Boston’s business community isn’t over yet. In fact, it’s just getting started.
The secretary of the Commonwealth received a flood of criticism in late July from major local business groups and a few familiar financial titans about his new regulations intended to protect individual investors who work with broker-dealers.
Now, we’re on to Round 2. On Tuesday, the Greater Boston Chamber of Commerce plans to e-mail a memo to thousands of chamber members and others who subscribe to its policy briefs that is aimed at building public opposition to Galvin’s regulations.
Essentially, the chamber says imposing a so-called fiduciary standard on broker-dealers would increase costs for everyday consumers, making it harder for new investors to even start saving. The rule would require broker-dealers to recommend only “the best” options for investors, something the chamber calls a potentially impossible standard to meet. It would also require brokers to provide the same ongoing advice to investors that investment advisers provide, a move that the chamber says would translate into increased fees. Advice that was previously free, the chamber argues, would now be unattainable without a fee.
Welcome to the financial world, post-“Reg BI.” That’s shorthand for Regulation Best Interest, a federal standard that the Securities and Exchange Commission voted in early June to impose. While it increases disclosure requirements, critics say the new rule still falls short. It certainly doesn’t go as far as an Obama-era regulation that imposed the fiduciary standard on broker-dealers but was later struck down in a federal Appeals Court.
Less than two weeks after the SEC vote, Galvin offered up his own state plan to extend the fiduciary standard to brokers. (New Jersey regulators had begun a similar process, and experienced a similar backlash.) Galvin argues that the SEC rule fails to eliminate the conflicts of interest that run rampant within the industry. Individual investors, he says, have suffered under a lower standard that has required brokers to only recommend investments that are “suitable” for their clients. Brokers are often paid by commission, and thus have an incentive to promote certain investment options; the new SEC rule requires them to disclose, and possibly mitigate, these conflicts.
Chamber chief executive Jim Rooney says there is already a professional standard in place — Reg BI — that requires investment professionals to act in their clients’ best interest now. The risk with Galvin’s proposal, Rooney says, is that “everyday savers lose access to services.”
Among their complaints: Galvin’s rule could upset the public bond market, potentially adding costs and complexities for municipalities that rely on banks to underwrite their debt.
Those banks would now need to get an intermediary involved if they want to sell the bonds they underwrote to individual investors, according to Jon Skarin of the Massachusetts Bankers Association. Skarin says his association wants Galvin to wait until after the new federal rule takes effect next summer, to fully consider the impact, before trying to implement such a dramatic reform.
Not everyone who weighed in opposed Galvin’s move. Attorney General Maura Healey’s office filed supportive comments, for example. And the Public Investors Advocate Bar Association backed Galvin’s stance that the fiduciary standard should apply to all investment professionals, regardless of their title or license. One concern involves pros who are dually registered as advisers and brokers. The association doesn’t want them to be able to “switch hats” to a lower standard, depending on their form of compensation. Christine Lazaro, the group’s president, says Galvin’s approach would impose an ongoing fiduciary standard for brokers, to the benefit of individual investors.
Galvin declined to comment about the business backlash; a spokeswoman says any comment he makes now could be construed as interfering with the review process. His office still needs to put out a final version of the rules, and then allow a new comment period that includes a public hearing.
Business leaders are privately bracing for Galvin to move ahead with his plan, regardless of the criticism. But some are still willing to publicly put up a fight — while they can.
Read this story on the Boston Globe.