In passing its budget bill for next year, the GOP-controlled House this week included an amendment prohibiting the Securities and Exchange Commission from establishing a fiduciary standard rule for broker-dealers.
The amendment was the latest setback in the push to establish a uniform fiduciary standard across the financial services industry, one of the more wildly contentious changes in ERISA in years. In late May, the Department of Labor moved its deadline for establishing new fiduciary standards to 2015.
The SEC declined to comment on Wednesday's amendment.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
