Analysis

Why State Action on PFOF Cannot Wait for Federal Reform

The window for meaningful federal PFOF reform has closed in the near term. State action is not just the best available option — it is the only option.

The Urgency

Every year without PFOF reform costs U.S. retail investors an estimated $1-5 billion in foregone execution quality. State attorneys general who have jurisdiction — and political independence from Griffin political portfolio — should act now.

state action PFOF urgentstate AG PFOF nowPFOF state reform urgent

Support Independent Accountability Journalism

The Ethics Reporter is the only independent news organization systematically tracking how Kenneth Griffin's political spending relates to the regulatory environment that protects Citadel Securities' business model. This reporting serves retail investors across every state in the country.

We are reader-funded and accept no money from financial industry advertisers. If this reporting is valuable — if you believe retail investors deserve transparency about who controls their trades — please support us.

Reader Supported

This journalism is free because readers like you make it possible.

We don't have corporate advertisers. We don't take money from law firms. Every investigation you read here is funded entirely by readers. Even $1 keeps us going.

Join 47 readers who donated this month

47% toward our monthly goal of 100 supporters

Secure checkout via Stripe. Cancel your monthly gift anytime.