The Labor Department's proposal to apply the "fiduciary" definition more broadly may get some direction depending on the outcome of today's presidential election. Another Obama administration could breathe new life into the measure, while a Mitt Romney presidency would likely spell its doom. Meanwhile, the fate of the SEC fiduciary-duty rule is less affected by the election, said Kevin Carroll, SIFMA's managing director and associate general counsel. "In a Democratic administration, it is slightly more likely to move forward; in a Republican administration, slightly less likely," Carroll said.