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U.S. President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington on July 21, 2010. The law gave the Securities and Exchange Commission, FINRA’s overseer, the power to limit arbitration in broker and investment adviser agreements.
U.S. President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington on July 21, 2010. The law gave the Securities and Exchange Commission, FINRA’s overseer, the power to limit arbitration in broker and investment adviser agreements.
(JIM YOUNG/REUTERS)

U.S. arbitration ban wouldn’t serve investor justice

An U.S. securities watchdog’s nip won’t fix flawed investor justice. The Financial Industry Regulatory Authority’s (FINRA) plan to stop Wall Street veterans from hearing customer beefs with brokers may limit bias. But a truly fair process would allow investors to go to court as well as industry-run arbitration.