Rep. Wagner drafts bill to kill DOL fiduciary rule, replace it with best-interest standard

July 11, 2017 by Mark Schoeff Jr.

Legislation written by Rep. Ann Wagner, R-Mo., would eliminate the Labor Department’s fiduciary rule and replace it with a best-interest standard for brokers giving retail investment advice.

In Ms. Wagner’s bill, brokers would have to provide recommendations that “reflect reasonable diligence, care, skill and prudence,” according to the legislative text. They also would have to disclose at the point of sale the compensation they receive and “any material conflict of interest.”

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Originally Posted at InvestmentNews on July 11, 2017 by Mark Schoeff Jr..