I voted no on the George Miller of CA Amendment to H R 2374, Retail Investor Protection Act. The underlying bill prevents the Department of Labor (DoL) from issuing a final rule concerning the fiduciary duty of investment advisers until 60 days after the Securities and Exchange Commission (SEC) issues its final rule under Dodd-Frank. The amendment allows DoL to issue a fiduciary duty rule before SEC completes its rulemaking. This amendment would completely undermine the bill, the goal of which is to reduce the potential for conflict among related regulations. The amendment failed 174-243.
Posted on: Sat, 30 Nov 2013 17:07:32 +0000