Even though Senate Banking Committee Chairman Christopher Dodd introduced his financial regulatory reform bill earlier this month without a key provision on the fiduciary standard, some industry observers who support a more stringent standard are cautiously optimistic that tighter reforms will be implemented.

It was Treasury Secretary Timothy Geithner’s speech Monday at the conservative think tank American Enterprise Institute that raised the hopes of some in the industry. He said that the Obama administration will only pass a financial reform bill that provides strong protection for consumers and reigns in the risk taking that has run rampant on Wall Street in recent years.

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