This was supposed to be the decade of tougher consumer protections. Why that didn't happen
Lawmakers came out swinging in the beginning of this decade to make consumer rights a priority following the financial crisis.
For evidence of that, look no further than the Dodd-Frank Wall Street Reform and Consumer Protection Act. It ordered the SEC to evaluate how the industry provides investment advice to retail customers. In 2011, the agency released a study advocating for the creation of aThe measure also called for the creation of the Consumer Financial Protection Bureau, a government body specifically devoted to serving as a consumer watchdog.
Aaron Klein, a fellow in economic studies at Brookings Institution who helped craft the Dodd-Frank Act, said the answer is a definitive no. The regulation was aimed at getting brokers and investment advisors to adhere to a higher standard when providing advice for clients.
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