Lawmaker prepares bill to repeal fiduciary rule

A House Financial Services subcommittee is scheduled Thursday to discuss legislation by Rep. Ann Wagner, R-Mo., that would replace the Labor Department's fiduciary rule with a best-interest standard for retail investment advice. The measure would require brokers to offer recommendations that "reflect reasonable diligence, care, skill and prudence" and to disclose "any material conflict of interest."

ThinkAdvisor (free registration) (7/11),  InvestmentNews (tiered subscription model) (7/11)