No Agreement on Fiduciary Duty Standard in Reform Legislation

Investment News reports that the Conference Committee has reached an impasse on the fiduciary duty standard, with the House digging in and insisting on its provision, which would implement a fiduciary duty for broker-dealers, and the Senate sticking to its provision, which calls for the SEC to conduct a one-year study before rulemaking.  This provision is of intense interest to me, but it is odd that it has become one of the most contentious provisions in the bill.  InvNews, House-Senate negotiators hit impasse on fiduciary standard