Lawmakers to weigh strengthening fiduciary measure

06/16/2010 | InvestmentNews (free registration)

Rep. Barney Frank, D-Mass., has proposed dropping the Senate's language regarding a fiduciary standard and replacing it with the House's stricter version. Lawmakers reconciling the House and Senate versions of the regulatory overhaul legislation are scheduled to consider the fiduciary duty provision today. The House's approach would order the Securities and Exchange Commission to establish a requirement that broker-dealers and insurance agents act in their clients' best interests and disclose conflicts of interest when providing advice.

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