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Stock Brokers and Insurance Agents are reportedly lining up to oppose a pending proposal for Finance Reform. The provision would require Stock Brokers and Insurance Agents "to act in the best interest of their clients". Tomoeh Murakami Tse, "Financial Reform Bill Likely to Lose Measure to Protect Wall Street Investors" (Washington Post Online, Sunday March 7, 2010).
This attempt to legislatively enact the Common Law of Fiduciary Duties will reportedly fail, at least when Members of Congress are considering the cash campaign contributions that Stock Brokers and Insurance Agents can and do make. See id.
Who told them that they are not required to act in the best interests of their clients?
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