Draft Bill To Repeal Fiduciary Rule Attracts Industry Support

Law360, New York (July 13, 2017, 7:00 PM EDT) -- A draft bill that would repeal the U.S. Department of Labor’s fiduciary rule for retirement account advisers and place responsibility for a uniform fiduciary standard with the U.S. Securities and Exchange Commission attracted support from the financial industry at a Thursday hearing, but was condemned by the AARP and Democratic lawmakers.

The bill, sponsored by Rep. Ann Wagner, R-Mo., would repeal the Labor Department's fiduciary rule completely and instead amend the Securities and Exchange Act of 1934 to require broker-dealers to make recommendations in their customer's...
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