254 representatives voted for a motion to sidetrack the Bill, while 166 voted against it, with Republican members leading the charge against the Securities and Exchange Commission (SEC), Department of Labor and Democratic Caucus led Bill, US political website The Press Enterprise has reported.
The proposal was an offshoot of the Dodd-Frank reforms spearheaded by the Obama administration following the global financial crisis.
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As any sensible government body should.
‘Best’ interests simply allows any number of spurious claims to be assessed through the rear view mirror. How can you define ‘Best’. The only sensible standard is ‘In the clients interests’ so that any claim can be assessed against a ‘reasonable person’ standard.
Good to see some politicians have common sense. Now if ASIC, The FPA and the AFA could just exercise the same prudence maybe we wouldnt have PI insurers running for the hills?