On July 14, 2009, CFP Board and six other pro-consumer and public interest groups sent a letter to Rep. Barney Frank (D-Mass.), chairman, and Rep. Spencer Bachus (R-Ala.), ranking member of the House Committee on Financial Services, expressing concerns about section 913 of the Obama Administration’s proposed Investor Protection Act of 2009. The group stated that “revisions will be needed to unambiguously provide for the extension of the overarching fiduciary duty that investment advisers owe their clients under the Advisers Act to brokers and others who provide investment advice, that this fiduciary duty is explicitly recognized in law, and that the legislation does not in any way undermine the fiduciary duty that already exists under the Advisers Act.”

Read CFP Board’s letter (PDF, 93KB)