Proposal to impose fiduciary standard on broker-advisers heads to Hill - Investment News
In a statement regarding the draft legislation as put forth by the Treasury Department, they said “The legislation outlines steps to establish consistent standards for all those who provide investment advice about securities, would improve the timing and quality of disclosures about investments, and would require greater accountability from securities professionals (our emphasis added).”
We think it is quite remarkable that the administration is clearly saying the fiduciary standard is the preferred way to serve the best public interests. One can only hope that the big brokerage firms and other special interests won't be able to get this removed or watered down in what eventually passes through Congress.
