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My newspaper reported today that last week the House voted to pass HR-2374 254-166, which would delay new rules requiring investor advisers to act a fiduciaries for their clients. In essence this would discourage advisers promoting investments that are most profitable to themselves rather than to the benefit of their clients.

Given the need for more of us to fund our own retirement with investments in IRA or 401ks, and all the stories of people who were misadvised or put into costly or underperforming investments, fiduciary responsibility sounds like a good idea.

My Congresswoman, Ann Wagner (who replaced Todd Akin) was one of the sponsors of the bill.

A search turned up this op-ed--

Needless to say, the financial community is strongly opposed to fiduciary requirements.

I am surprised that this law gets so little news attention.

Now it goes to the Senate.
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