FSI to Tout Reg BI Effectiveness in 2021 With consumer advocates calling for the SEC to use new rule-making to change Reg BI, the advocacy organization will urge the commission to stick with the rule in the year to come. With Joe Biden in the White House and the Democrats enjoying a razor-thin margin in the U.S. Senate, 2021’s outlook for financial services regulation is markedly different than what many suspected months earlier. For the Financial Services Institute (FSI), much of last year was spent advocating for Regulation Best Interest, which went into effect in June. Now, they need to show the new administration and regulators that it’s working, according to Robin Traxler, an FSI senior vice president of policy and deputy general counsel.