"[T]he cost benefit provisions [proposed in Congressman Wagner's Fiduciary Discussion Draft] would improperly constrain the SEC's ability to do what Congress asked it to do .... [T]he Dodd Frank Act] ... commanded the SEC to consider whether broker dealers, like investment advisers, should be subject to a 'best interest of the customer' standard when providing personalized, retail investment advice. The [proposal] would substantially impede the SEC's ability to analyze this option, much less to propose a rule."

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