Consumer Action :: Reform bill likely to lose key investor protection

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Released: March 07, 2010

Reform bill likely to lose key investor protection

Source: Tomoeh Murakami Tse, Washington Post (Free Registration)

When financial reform legislation finally lands on the Senate floor, a provision that advocates call the single most important item for Main Street investors will probably have been banished from the ponderous bill.

That provision - a requirement for stock brokers and insurance agents to act in the best interest of their clients - was part of a 1,100-page draft bill unveiled by Senate banking committee Chairman Christopher J. Dodd (D-Conn.) in November.

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