STOCK MARKET WATCH -- Friday, 1 November 2013

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5. U.S. House passes bill to delay fiduciary rules at SEC, Labor Dept

http://news.yahoo.com/u-house-passes-bill-delay-fiduciary-rules-sec-223336477--sector.html

The U.S. House of Representatives passed a controversial bill on Tuesday that would delay two government regulators from adopting rules requiring stock brokers and retirement account financial advisers to put their customers' interests ahead of their own. The bill, which was approved in a 254-166 vote, has virtually no chance of becoming law, after the White House late Monday threatened to veto the measure. Its passage, however, marks yet another symbolic effort by Republicans to express their discontent over the sweeping new regulations that stem from the 2010 Dodd-Frank Wall Street reform law. The bill is one of two measures before the House this week that would amend the Dodd-Frank law. On Wednesday, the House is also expected to pass a bill with some bipartisan support that would loosen a requirement for banks to spin off their risky derivative trading desks into separate legal entities.

Although the White House has cautioned against passage of the derivatives bill, it stopped short of a veto threat.

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