Ok, so Chris Dodd scored a win on his way out the Senate door. In late March, the Senate Banking Committee approved the Restoring American Financial Stability Act of 2010 (Orwellian or what?) by a party-line vote of 13 to 10. The Financial Services Institute claims a small but important win in the bill's language. According to FSI:
We are pleased to report that the bill passed by the Committee contains an FSI supported provision directing the Securities and Exchange Commission to study all the issues surrounding harmonization of broker-dealer and investment adviser oversight.
FSI supported the inclusion of this study in the RAFSA because it will provide the SEC, investor advocates, financial services industry professionals, and other stakeholders with the opportunity to shape these important regulatory reforms without a rush to judgment in a politically charged atmosphere. From the start of this important debate, FSI has supported regulatory reforms that support universal access to competent investment advice, clear and concise client disclosures, and uniform and effective regulatory supervision of all market participants. FSI still supports the creation of a new universal standard of care and an industry-funded self-regulatory organization for investment advisers. We believe the study represents the best available opportunity to achieve our goals. FSI will continue to monitor RAFSA as it makes it way to the Senate floor in the next few months.
Many of you responded to our Calls to Action by letting your Senator know how you feel about important aspects of this legislation. We are grateful for your support and involvement in the process. It does make a difference.