Senate Vote on Financial Reform Bill Likely Thursday, Reid Says

Republicans could push off a vote until Saturday

More On Legal & Compliance

from The Advisor's Professional Library
  • Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
  • Advertising Advisor Services and Credentials Section 206 of the Investment Advisers Act contains the anti-fraud provision of the statute and ensures that RIAs’ advertising and marketing practices are consistent with the fiduciary duty owed to clients and prospective clients.   
The Senate is hopeful that it can render a final vote on the financial services reform bill on Thursday, July 15, and then send it to President Obama for his signature. Senate Majority Leader Harry Reid (D-Nevada) filed cloture on the bill Tuesday evening, July 13, "which sets up a cloture vote" Thursday morning, Regan Lachapelle, a spokesperson for Reid's office, told Investment Advisor in an e-mail message. "If cloture is invoked, we hope that Republicans agree to allow us to have a vote on final passage tomorrow. They could, however, force us to wait 30 hours after the cloture vote before a vote on final passage," which could push a vote to Saturday.

The bill now has key "yes' votes from Maine Republican Senators Olympia Snowe and Susan Collins along with Senator Scott Brown (R-Massachusetts); The three Senators have now signaled that they are on board to support what is formally called the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Democratic Senator from Nebraska, Ben Nelson, also said July 13, that he would support the reform bill, after stating July 12 that he still had concerns about it.

Reprints Discuss this story
This is where the comments go.