Rep. Frank predicts SEC would subject brokers to a fiduciary duty

07/2/2010 | InvestmentNews (free registration)

The U.S. House approved this week legislation to overhaul financial regulation, but before the vote, Rep. Barney Frank, D-Mass., suggested that he expects the Securities and Exchange Commission would hold brokers to a fiduciary standard. The legislation would give the SEC authority to impose a fiduciary duty on insurance agents as well as broker-dealers. "We gave the SEC the power to do it," Frank said. "And they're going to do it."

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