Rep. James Lankford (R-Okla.), who won the Oklahoma Senate GOP nomination in June, is pushing back against a potential Securities and Exchange Commission rule that would implement a uniform fiduciary duty for retail investment advice, forcing brokers to act in the best interest of their clients, Investment News reports.
Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC has the authority to require a uniform fiduciary standard for financial advisers. Currently only investment advisers are required to act in the best interest of their clients. Broker-dealers are held to the lesser standard of suitability when selling products, Investment News says.
