April 20, 2018
Chairman Clayton: Thank you for the opportunity for public comment. I strongly OPPOSE weakening the conflict-of-interest rules for brokers and urge a strict FIDUCIARY standard. "Best interest" is more subjective and less protective than FIDUCIARY. Let's recognize how/where brokers make money: it's through investor activity. It's pretty hard to argue a "hold" position when a broker's personal bottom line is determined by "buy" and "sell."
Look out for the little guy; Wall Street can take care of itself!