Dodd–Frank Act

really post-financial crisis.

And the Dodd-Frank Act, which took effect in 2010, put in an actual... an actual law that goes into the ability of the Securities and Exchange Commission to create a uniform fiduciary standard, which has yet to actually take place across the financial service industry.

And an article that came out of the Wall Street Journal this past week titled, SEC Head Backs Fiduciary Standards for Brokers and Advisors, again, goes into Mary Jo White, who's the head of the Securities and Exchange Commission, really wanting tighter standards for financial advisors who recommend stocks, bonds, and mutual funds to individual investors.

And for any longtime listener to this program, they understand that your traditional stockbroker is on the financial sales side, of the financial service industry where registered investment advisors like us at Davidson Capital Management are on the asset management side of the industry.

Because again, I think that this would put a serious dampening on revenues at traditional broker-dealer firms across this country.

So I'm definitely not holding my breath.

The fact that this that this provision or the discussion of adding this provision has been around since the Dodd-Frank Act of 2010, and we're now in 2015, and the head of the SEC, Mary Jo White, has only been intensely studying it for the last few months.

I'm not holding my breath that anything is going to get done.

of a sudden, yeah, the Wolf of Wall Street.

And then all of a sudden, Dodd-Frank comes into effect.

Enron comes into effect.

Sarbanes-Oxford comes into effect.

You know, we talked about this earlier, is if you go back to the 90s, the 80s, the 70s, there was these great movies about Wall Street and sort of the heydays of the 90s.

You know, Wall Street was one of them, you know, Boiler Room is another, The Wolf of Wall Street.

And then all of a sudden, we had Enron's collapse, we had WorldCom's collapse, Global Crossing's collapse, we had Dodd-Frank came in, Reg FD came in, these regulatory environments.

Now, I know this, when we talk to Wall Street, there are potentially compliance people listening to the calls.

You know, Wall Street was one of them, you know, Ballroom is another, The Wolf of Wall Street.

And then all of a sudden, we had Enron's collapse, we had WorldCom's collapse, Global Crossing's collapse, we had Dodd-Frank came in, Reg FD came in, these regulatory environments.

Now, I know this, when we talk to Wall Street, there are potentially compliance people listening to the calls.

They're reading the emails and they're making sure you don't say something if you're a broker or say something or someone on the other end of it.

You know, Ballroom is another, The Wolf of Wall Street.

And then all of a sudden, we had Enron's collapse, we had WorldCom's collapse, Global Crossing's collapse, we had Dodd-Frank came in, Reg FD came in, these regulatory environments.

Now, I know this, when we talk to Wall Street, there are potentially compliance people listening to the calls.

They're reading the emails and they're making sure you don't say something if you're a broker or say something or someone on the other end of it.

They hold debt.

All the rules that they put in place for Dodd-Frank to make, you know, okay, banks, you've got to have more money set aside.

You know, that's number one.

And they made a big deal about it.

Somebody else will step into their shoes.

In a free market, we wouldn't have passed the Dodd-Frank Act where we codified too big to fail while we were lied to and said that we're going to make sure that these banks can't do this anymore.

Instead, the law said that, oh, no matter what you do, no matter how bad you are, no matter how unsafe and sound you are, what are we going to do? We're going to bail you out by federal law and it's codified.

That's not free markets.