Lawmakers, regulators back fiduciary standard

Lawmakers and regulators are jumping on the fiduciary-duty bandwagon after the Securities and Exchange Commission's fraud charges against Goldman Sachs and subsequent hearings. Several senators have or plan to introduce amendments to the financial overhaul legislation, and SEC Chairman Mary Schapiro has backed the standard. "I believe that broker-dealers and investment advisers providing the same services, especially to retail investors, should meet that same high fiduciary standard," Schapiro said.

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