Quotes
“We do support the extension of a fiduciary standard to broker/dealer registered representatives who provide advice to retail investors.”
–Testimony by Lloyd C. Blankfein, Chairman and CEO, The Goldman Sachs Group, Inc. to the Financial Crisis Inquiry Commission, January 13, 2010
“I would like to suggest we imagine our industry in a new way… [and] do right by our clients by embracing our fiduciary responsibility.”
–Sallie L. Krawcheck, President, Global Wealth & Investment Management, Bank of America / Merrill Lynch, April 22, 2010, Remarks to the Securities Industry and Financial Markets Association
“The law gives the [SEC] the authority to establish a new standard of care… ‘no less stringent than’ the Investment Advisers Act…to ensure that the new standard would not be a ‘watered down’ version of the investment advisors’ fiduciary standard.”
–Rep. Barney Frank, House Committee on Financial Services, May 31. 2011