[Washington Babylon ]Congress Sticks It to Main Street Again? | Harper's Magazine

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[Washington Babylon]

Congress Sticks It to Main Street Again?

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From the Washington Post:

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.

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