Today, the Commission is considering a proposal to expand and enhance the role of qualified custodians when registered investment advisers custody assets on behalf of their investors. I support this proposal because, in using important authorities Congress granted us after the financial crisis, it would help ensure that advisers don’t inappropriately use, lose, or abuse investors’ assets. The Commission’s custody rule for investment advisers, first adopted in 1962, was last updated in 2009. Importantly, though, Congress granted us new authorities in 2010 in response to the financial crisis and Bernie Madoff’s frauds. ... (full story)