Sen. Tester urges SEC to focus on fiduciary duty for brokers

02/15/2013 | InvestmentNews (free registration)

Sen. Jon Tester, D-Mont., used a Senate banking panel hearing to press Elisse Walter, chairman of the Securities and Exchange Commission, to move forward with a regulation that would hold brokers to a fiduciary duty. Walter replied that she "would love" to do so. "Opinions at the commission vary a great deal in terms of potential costs. My own personal view is that it's the right thing to do," she said.

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