The city is suspected of being the birthplace of buzzword bingo, a game in which cards are prepared with clichés and bored congressional staffers can keep awake during hearings by ticking off several in a row.
One favorite buzzword of the anti-fiduciary rule set is “unworkable.” It was actually in the title of a Senate committee hearing this week opposing the rule. It is repeated 14 times in the SIMFA letter and eight times in the opposition piece from the U.S. Chamber of Commerce.
“Liability” was popular as well: It was used 31 times in the SIFMA letter and eight times by the Chamber of Commerce.
Fiduciary rule proponents have less opportunity, though, because their smaller staffs prepare shorter comment letters.
However, in its 83-page letter, the Consumer Federation of America brought forth “investor protection” 10 times more than SIFMA did.
Which is to say, 10 times versus one.