Certain Republican House lawmakers spoke out last week questioning the need for a uniform fiduciary standard, adding more fuel to a legislative debate set to take hold in the coming weeks.
The Republican group, comprised of members of a House Financial Services Subcommittee, sent a letter to the Securities and Exchange Commission last Thursday. In that document, the lawmakers side with two SEC commissioners, who in January called for more justification before implementing a new standard. That dissenting opinion was delivered alongside an SEC study that recommended a uniform fiduciary standard of conduct for broker-dealers and investment advisors.
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