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Of all the outrages endured during the financial crisis, perhaps the most perplexing involved money-market mutual funds.

Its amendment was the latest setback in the push to establish a uniform fiduciary standard across the financial services industry.

The SEC commissioner opined that the root cause of the financial crisis was failed federal housing policy and loose monetary policy, none of which was addressed in Dodd-Frank.

BlackRock, which earns fees based on the amount of money it oversees for clients, benefited from rising global markets in the quarter, which boosted assets 4.4 percent to $4.59 trillion.

Democratic and Republican lawmakers are cooperating on legislation that would lift some of the secrecy around the U.S. council that decides which companies pose the biggest risks to the financial system.

Michael S. Jeffries, the Abercrombie & Fitch Co. chief executive officer who was paid $48.1 million in 2011, got 95 percent less last year.

The re-release of a DOL rule proposal is a very real issue, and we have to take it into account, SEC Commissioner Daniel Gallagher said.

Questions are raised about opacity, risk and the often enormous fees guaranteed to fund managers no matter how they perform.