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When financial reform legislation finally lands on the Senate floor, a provision that advocates call the single most important item for Main Street investors will probably have been banished from the ponderous bill.
That provision — a requirement for stock brokers and insurance agents to act in the best interest of their clients — was part of a 1,100-page draft bill unveiled by Senate banking committee Chairman Christopher J. Dodd (D-Conn.) in November. Since then, industry and consumer groups have quietly lobbied members on the issue, even as much of the public debate has focused on oversight of big banks and the creation of a consumer protection agency.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount that Egypt owes the United States in unpaid parking tickets:
Studies of humankind’s original states—in China, Egypt, the Indus Valley, Mesopotamia, and Peru—suggest that the emergence of bureaucracy catalyzed predatory imperial expansion.
An Egyptian court sentenced former president Mohamed Morsi and 106 Muslim Brotherhood supporters to death for killing and kidnapping police; conspiring with Iran, Hamas, and Hezbollah; participating in a 20,000-man jailbreak; and stealing chickens.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”