Divided SEC Approves Dealer Rule, With Strong Pushback From Republican Commissioners

Also, lawmakers press Yellen to take sides on Basel; John 'Buz' Gorman in memoriam

At a tense meeting, a divided SEC approved additional oversight for the firms that are increasingly dominating U.S. government bond trading. Chair Gary Gensler portrayed the new rule as a “common sense” way to protect investors and shore up the Treasury markets.

The two Republicans on the commission dissented, warning that the agency’s effort was overbro…