In addition changing Reg BI’s nomenclature, the Institute for the Fiduciary Standard called for many changes by the SEC.

Gensler has developed a reputation as a tough regulator who also was a successful leader on Wall Street.

But how a Democratic-led SEC interprets and enforces Reg BI depends on its chair.

Industry officials of all stripes continue to scratch their heads about the term as they attempt to comply.

The future of investor protection hinges largely on who wins the next Presidential election.