The Dodd-Frank Financial Regulation Bill and Brokers

The Dodd-Frank Financial Regulation Bill will have an immense, adverse impact on American society as well as its economy.

The SEC now has authority to impose a “fiduciary duty” standard on brokers, the same it applies to investment advisers, Brokers now will have to give advice in the client’s “best interest.” Whatever that vague phrase means. In the past brokers only had to provide ”suitable” investments.

It remains to be seen how Dodd-Frank will be enforced by the SEC. I am sure the tort lawyers and not investors will profit the most.

In fact, you can be absolutely certain, and I will keep repeating this over and over: All the Dodd-Frank Financial Regulation Bill will ever do is create so much uncertainty, it will detract from American business, investment and consumer interests, while only benefiting the income of trial lawyers.