September 5, 2010
I have fiduciary responsibilities for a small 401k plan and am an individual investor with considerable experience in the equities and debt markets. I was formerly a registered representative with a regional broker. I would like to comment on the issue of the fiduciary standards specified in the rule. These seem simple, almost commonsense, and I cannot see why anyone of reasonable objectivity would oppose them. They represent a simple way to protect the ordinary consumer/investor. Anyone in a position to be regulated in this manner should (if they were acting honestly) have little or no objection to them. I cannot believe that any economic harm to consumer/investors, nor any increased cost, nor any impact on economic growth would result from the standards specified.
Again, this seems a simple, commonsensical concept, the best form of regulation.
I refer you to this Bloomberg story: http://noir.bloomberg.com/apps/news?pid=20603037sid=ajvbp5DkoTDo