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SEC Chairman Mary Schapiro testifies on Capitol Hill on September 2010 in Washington before the Senate Banking Committee hearing on implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. (AP Photo/Manuel Balce Ceneta)

Republican members of the House Financial Services Committee have urged the Securities and Exchange Commission not to move forward with a universal fiduciary standard. 

In a letter to SEC chairman Mary Schapiro dated March 17, 14 GOP members, led by chairman of the Capital Markets Subcommittee Rep. Scott Garrett, wrote, “It is our view that the commission has not identified and defined clear problems that would justify a rulemaking, and does not have a solid basis upon which to move forward.”

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