Lawmakers and industry officials debated the merits Thursday of draft legislation put forth by Rep. Ann Wagner, R-Mo., that would repeal the Department of Labor’s fiduciary rule and apply a best interest standard to broker-dealers when providing investment advice.

During the Thursday hearing held by the House Financial Services Capital Markets Subcommittee titled the “Impact of the DOL Fiduciary Rule on the Capital Markets,” Wagner, chairwoman of the House Financial Services Committee’s Oversight and Investigations Subcommittee, and a steadfast opponent of Labor’s fiduciary rule, stated that her discussion draft “would apply a workable best interest standard for broker-dealers when providing investment advice without losing access for such advice for millions of low- and middle-income investors.”

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