The Republicans seem to have given up their objection that the financial reform bill will institutionalize bailouts of banks that are too big to fail. Instead, they have now shifted their focus to the consumer protection provision of the bill, which they claim is over-reaching. They are demanding modifications to the bill and want Senator Christopher Dodd, chairman of the Senate Banking Committee, to incorporate their suggestions. [Read more…]
Financial Reform Could Include Legislation on Financial Planners
If a proposal from Democrat Senator Herb Kohl finds its way into the financial reform bill, and if that bill is passed, the financial planning profession could soon be regulated.
Currently there are no restrictions or laws governing people who call themselves financial planners. This is in stark contrast to other financial professions. For example, an investment adviser has to be registered with the SEC, and an insurance agent needs a license to sell insurance policies. There are many laws that govern what these professionals can and cannot do when selling their products or when providing a particular service. [Read more…]
