Sen. Johnson aims to drop fiduciary standard from reform package

02/14/2010 | Bloomberg

Sen. Tim Johnson, D-S.D., is striving to get a fiduciary standard for brokers dropped from the Senate banking committee's financial-regulation overhaul. Instead, Johnson proposed an 18-month study by the Securities and Exchange Commission to determine whether the standard is needed. The House's version of the bill would require brokers to adhere to a fiduciary standard defined by the SEC.

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