In testimony before the Financial Crisis Inquiry Commission, Mary Schapiro, chairman of the Securities and Exchange Commission, and Lloyd Blankfein, CEO and chairman of Goldman Sachs, said they support a single fiduciary standard for investment advisers and broker-dealers. "We do support the extension of a fiduciary standard to broker-dealer registered representatives who provide advice to retail investors," Blankfein testified. "The fiduciary standard puts the interest of the client first."

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