As a member of the staff of the Consumer Federation of America (CFA) from 1986 to 2021, Barbara Roper emerged as the consumer movement’s leading expert on investor protection issues. She has written research reports, testified before Congress, and commented on regulatory proposals on a wide range of topics, including standards of conduct for investment professionals, auditor oversight, disclosure clarity and delivery methods, mutual fund regulation, arbitration, credit rating agency oversight, private securities offering exemptions, and more.
In 2021, Roper left CFA to join the U.S. Securities and Exchange Commission as Senior Advisor to Chair Gary Gensler. Roper advised the Chair on issues affecting retail investors, including regulatory policy, oversight, and enforcement. She retired from the SEC in January 2025.
Over the course of her career at CFA, Roper served on numerous advisory committees, including the SEC’s Investor Advisory Committee, the Public Company Accounting Oversight Board’s Standing Advisory Group as well as its Investor Advisory Group, FINRA’s Investor Issues Group, the Investors Working Group, and the CFP Board’s Public Policy Council and Standards Resource Commission.
In 2020 and 2021, she was recognized as one of the 100 most influential women in American finance by Barron’s, and she was named a “Money Hero” by Money Magazine in 2012. Roper graduated from Princeton University in 1977 with a degree in art history.
STANDARDS OF CONDUCT FOR BROKERS AND INVESTMENT ADVISERS
“Letter to SEC Chair Clayton …”
Chair Clayton in response to his request for comment on the Standard of Conduct for Investment Advisers and Broker-Dealers, September 2017, https://bit.ly/3fPX6fS.
Public Comment
Comment letter on proposed Regulation Best Interest, Form CRS Customer Relationship Summary, and Commission Interpretation Regarding Standard of Conduct for Investment Advisers, August 2018, https://bit.ly/3mwR6dh.
Public Comment
Letter from AFL-CIO, Americans for Financial Reform, Better Markets, Consumer Action, Consumer Federation of America, and PIABA to SEC Chairman Clayton detailing necessary changes to the Commission’s proposed regulatory approach under Reg. BI, Form CRS, and the Advisers Act guidance, April 2019, https://bit.ly/2Rj7Nxj.
Report
Financial Advisor or Investment Salesperson? Brokers and Insurers Want to Have it Both Ways, CFA, January 2017, with Micah Hauptman. Contrasts brokers’ and insurers’ descriptions of their services on their website with their legal arguments when seeking to avoid a fiduciary duty.
Public Comment
Comment in opposition to industry rulemaking petition related to SEC’s Share Class Disclosure Initiative enforcement actions, June 2020, https://bit.ly/3vx6MQz.
Public Comment
Comment letter to NAIC urging it to withdraw and extensively revise its proposed best interest standard for annuities, January 2018, https://bit.ly/3wM61o0.
Public Comment
Comment letter responding to DOL’s reconsideration of the Conflict of Interest rule, April 2017, https://bit.ly/3q0Mjma.
Public Comment
Comment letter in support of DOL’s proposed Conflict of Interest Rule, July 2015, https://bit.ly/3gBBYIY.
PUBLIC VERSUS PRIVATE MARKETS
Article
90 Years After the Crash of ’29, Markets are Once Again at Risk, October 2019. On the 90th anniversary of the stock market crash that ushered in the Great Depression, an analysis of recent policies that have undermined the securities laws adopted in the wake of that crash. https://bit.ly/3d7Q9EX
Public Comment
Comment letter in response to the Commission’s Concept Release on Harmonization of Securities Offering Exemptions, opposing further expansion of private offering exemptions and urging a renewed focus on restoring the health of public markets, October 2019, https://bit.ly/3q3ML30.
Public Comment
Comment letter opposing proposed expansion of the definition of accredited investor, March 2020, https://bit.ly/3iVlM82.
Public Comment
Group letter urging DOL to withdraw and revise its policy on inclusion of funds with private equity exposure on retirement plan investment menus, May 2021, https://bit.ly/2UdxOQ5.
DISCLOSURE, INCLUDING E-DELIVERY
Report
Can the Internet Transform Disclosures for the Better? CFA, with funding from FINRA, January 2014. Examines the potential benefits and pitfalls of Internet disclosure, the pre-conditions necessary for effective Internet disclosure; the most significant barriers to effective disclosure, regardless of delivery method; and how Internet disclosure may help reduce those barriers.
Public Comment
Comment letter opposing industry proposals to “update” Commission policy regarding electronic delivery of disclosures by switching the default to electronic delivery for anyone who has provided their financial professional with an email address or smartphone number, December 2020, https://bit.ly/3iRB4L8.
Report
Mutual Fund Purchase Practices, CFA with funding from the FINRA Foundation, with Stephen Brobeck, June 2006. A survey report examining mutual fund investors’ purchase practices in light of conventional wisdom regarding best practices to promote informed decision-making.
AUDITING AND ACCOUNTING
Public Comment
Group letter to Chair Gensler outlining steps needed to reform the financial reporting infrastructure, including FASB, PCAOB, and the SEC’s Office of Chief Accountant, June 2021, https://bit.ly/3gupvYJ.
Public Comment
Comment letter opposing a Commission proposal weakening auditor independence standards, May 2020, https://bit.ly/3iTV14d.
Public Comment
Comment letter to PCAOB urging it to strengthen its proposal related to quality control standards for public company audits, March 2020, https://bit.ly/3vtrTDv.
The Consumer Policy Center (CPC) is an independent think tank of experts dedicated to researching and analyzing consumer policy issues, with a mission to advance and protect the interests of consumers.
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