Best interest is in the eye of the beholder in debate over DOL fiduciary rule
July 18, 2017 by Mark Schoeff Jr.
The term “best interest” is subjective it seems in the debate over the Labor Department’s fiduciary rule. The phrase is used by both critics and supporters of the measure to describe what they’re trying to do for the average investor.
The latest example of the fluidity of the term was seen in a July 13 hearingof the House Financial Services Subcommittee on Capital Markets, Securities and Investments. Lawmakers on the panel debated draft legislation offered by Rep. Ann Wagner, R-Mo., that would kill the DOL rule and replace it with a regulation written by the Securities and Exchange Commission that would “establish standards of conduct for brokers and dealers that are in the best interest of their retail customers,” according to the preamble of the measure.
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