Schapiro, Blankfein support single fiduciary standard

01/15/2010 | InvestmentNews (free registration)

In testimony before the Financial Crisis Inquiry Commission, Mary Schapiro, chairman of the Securities and Exchange Commission, and Lloyd Blankfein, CEO and chairman of Goldman Sachs, said they support a single fiduciary standard for investment advisers and broker-dealers. "We do support the extension of a fiduciary standard to broker-dealer registered representatives who provide advice to retail investors," Blankfein testified. "The fiduciary standard puts the interest of the client first."

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