Mary Schapiro, chairman of the Securities and Exchange Commission, indicated that the agency is prepared to impose a tough fiduciary standard on anyone who provides investment advice to individual investors. "I have long advocated such a uniform fiduciary standard and I am pleased the legislation would provide us with the rulemaking authority necessary to implement it," Schapiro said in a statement. However, a compromise on the fiduciary-duty provision is still a possibility.

Related Summaries