Senators have proposed many amendments to a broader overhaul of financial regulation that would establish a fiduciary duty for brokers. SIFMA voiced concern about a proposal that would increase protection for institutional investors. Michael Decker, managing director and co-head of municipal securities at SIFMA, said the standard would be unworkable. The standard is "inconsistent with the nature of relationships in the way that type of business is currently practiced," he said.
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