A letter from a group called The Committee for the Fiduciary Standard that was sent Thursday afternoon to Financial Services Committee Chairman Barney Frank (D., Mass.) called the earlier version "wrong-headed public policy."
The group's chairman, Knut Rostad, reached by telephone Thursday after the compromise language was circulated, called the development "a delightful surprise."
On Wednesday, the Financial Planning Coalition conducted its eighth telephone media conference on the issue, urging lawmakers to support a standard for retail brokers. Financial planners from South Dakota and Massachusetts asked federal lawmakers from their states--Sen. Tim Johnson (D. S.D.), who proposed the original study provision, and Rep. Frank--to adopt fiduciary language that appears in the U.S. House bill.
The fiduciary debate isn't likely to end, however, even if federal lawmakers pass the legislation.
"We're going from Capitol Hill to the SEC--and that's where these debates are going to continue," says Tittsworth. "A lot of the really hard decisions and essential details that people need will be decided there."
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