Senator Proposes Amendment Calling for SEC Study of Broker-Adviser Issue

Senator Tim Johnson (D-SD) is circulating a change to the Senate financial reform legislation (remember that?) so that brokers offering advice to their customers would not have to register as investment advisers or owe fiduciary duties to their customers.  Instead, his proposal would authorize the SEC to do yet another study of the issue (remember the RAND report?).  Expect the investment advisory community to slap this down hard.  InvNews, Johnson amendment would let brokers off the fiduciary hook