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 American Enterprise Institute, a conservative think tank, 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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