Ms. Blass has the chops to navigate a controversial rulemaking like fiduciary duty, according to Tyler Gellasch, executive director of the Healthy Markets Association and a former counsel to SEC Commissioner Kara Stein.
"Directing the staff is only part of the job; it's also about working with the commissioners to find consensus," Mr. Gellasch said.
"That could fundamentally change how retail investors invest in the markets," said Mr. Gellasch. "You could have a real significant change in how we think actively managed funds should look. It will be interesting to see how she addresses the risks that come with a lack of transparency in funds that are traded in real time."
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