Millennials may not know that this man is DOL Sec. Perez, responsible for the DOL fiduciary rule, but they're aware of the word 'fiduciary' now. (Photo: AP)

Many years ago, while researching the history of trust law for a book I was writing, I noticed a perplexing coincidence.

It seemed, when it came to allowable trust investments, various state governments, as well as the federal government, lagged considerably behind the capital markets.

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