In passing its budget bill for next year, the GOP-controlled House this week included an amendment prohibiting the Securities and Exchange Commission from establishing a fiduciary standard rule for broker-dealers.
The amendment was the latest setback in the push to establish a uniform fiduciary standard across the financial services industry, one of the more wildly contentious changes in ERISA in years. In late May, the Department of Labor moved its deadline for establishing new fiduciary standards to 2015.
The SEC declined to comment on Wednesday's amendment.
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