4. The SEC is prohibited from making a rule until they:
provide a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that analyzes and describes whether:

(a) retail investors (and such other customers as the Commission may provide) are being harmed due to brokers or dealers operating under different standards of conduct than those that apply to investment advisors under section 211 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11);
(b) alternative remedies will reduce any confusion or harm to retail inves-tors due to brokers or dealers operating under different standards of conduct than those standards that apply to investment advisors under etc…., including—
(1)simplifying the titles used by brokers, dealers, and investment ad visors; and
(2)enhancing disclosure surrounding the different standards of con duct currently applicable to brokers, dealers, and investment advisers;
(c ) the adoption of a uniform fiduciary standard of conduct for brokers, dealers, and investment advisors would adversely impact the commissions of brokers and dealers, the availability of proprietary products offered by brokers and dealers, and the ability of brokers and dealers to engage in principal transactions with
customers; and
(d) the adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to per-sonalized and cost effective investment advice, recommendations about securities, or the availability of such advice and recommendations.

The SEC would have to provide extensive financial analysis to support the rule and show that the rule would reduce confusion or harm to retail customers, AND would have to consider consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

I won’t impose the obvious conclusion on you. Instead, I ask you these 3 things:

1. Just WHO is this proposed lawmaking supposed to benefit?
2. How likely do really think that a basically similar law will pass Congress this year?
3. Why, and for what possible reason should Mom and Pop investor not be dis-gusted with this proposed law? (If you try to give me give me that ‘MY financial stock will go up’ garbage or any of that “trickle down” crap, I’m hanging up on you. Even Reagan didn’t really believe that!)