Dodd's bill does not include fiduciary standard for brokers

03/16/2010 | InvestmentNews (free registration)

The regulatory-reform bill introduced Monday by the Senate banking committee's chairman, Sen. Christopher Dodd, D-Conn., proposes the creation of an Investor Advocate office and more protection for elderly investors. Not included in the legislative package, however, was a proposal that would implement a fiduciary standard for brokers who give financial advice to clients. Instead, the bill calls for the Securities and Exchange Commission to study the matter and report to Congress on it within one year.

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