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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 a Chinese online gamer made last year by selling a virtual sword he had borrowed from a friend:
In South Africa, AIDS patients were smoking their antiretroviral drugs to get high or selling them to teenage drug users.
Swiss retailer Migros cut off ties with a collectible-creamer company following the distribution of 2,000 creamers whose lids bore images of Adolf Hitler and Benito Mussolini. “You cannot put Pol Pot or a terrorist on a milk creamer,” said a Migros spokesman.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”