So Senator Dodd, to be former Senator Dodd in January, continues to audition for his next job as a bank lobbyist:

Senate Banking Committee chairman Christopher Dodd, D-Conn., is expected to introduce new financial reform legislation next week that excludes applying a fiduciary standard to brokers offering investment advice.

The provision was circulated two weeks ago by Sen. Tim Johnson, D-S.D., a Banking Committee member. Rather than classifying certain brokers as registered investment advisers, Mr. Johnson’s proposal would require the Securities and Exchange Commission to conduct a study of regulatory standards for brokers and advisers, then propose rules on the issue.

“Fiduciary standard” means that they are required to act in the best interest of their clients, as opposed to the current standard, which is basically that you have to use lube when you anally rape your clients.