Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, said at a confirmation hearing that she would consider the results of a cost-benefit analysis regarding a uniform fiduciary standard for investment advisers and broker-dealers before she would propose such a rule. She offered no opinion on a uniform fiduciary standard. "The SEC should recognize that there are some benefits or costs of under-enforcement that have to be evaluated on their own terms," White said.

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