August 16, 2010
I oppose The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This law is attempting to resolve some of the vexatious issues which currently afflict the financial markets. The problem with the law, as I understand it, seeks to impose a "fiduciary" standard on those of us who advise our clients and represent various products which will meet their needs. Obviously, the authors of the bill recognize the underlying problem rests with the failure of financial service providers to act ethically. I oppose the imposition of a fiduciary standard because:
1. The current rules based standard works very well within my practice and
2. The fiduciary standard would make it impossible for me to represent a product or solution which provides me any compensation
If your mother raised you correctily this law is unnecessary. If your mother didn't raise you correctly this, or any, law wouldn't work.