SEC, DOL fiduciary rules hobbled by House committee vote

06/24/2013 | InvestmentNews (free registration)

The House Financial Services Committee voted last week to limit the Department of Labor's ability to propose new fiduciary rules for advisers until after the Securities and Exchange Commission proposes its own separate uniform rule for brokers. Proponents say the measure -- whose passage is unlikely -- will alleviate investor confusion about the different standards, while investor groups argue that the bill will place "unnecessary and onerous" requirements on the agencies.

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