In a letter to SEC Chairman Mary Schapiro, Rep. Barney Frank (D-MA) stressed that the Dodd-Frank Wall Street Reform and Consumer Protection Act was not designed to “encourage” the SEC to extend the 1940 Investment Advisors Act fiduciary standard to broker-dealers. In his letter, Frank said that the provision which calls for a uniform standard for advisors and broker-dealers was intended to be crafted an appropriate distinction between the two sectors. Frank said “while the law gives the Commission authority to establish a new standard of care, the requirement that the new standard be „no less stringent than‟ 206(a) and (2) was not intended to encourage the SEC to impose the Investment Advisers Act standard on broker-dealers, but to ensure that the new standard would not be a „watered-down‟ version of the investment advisors' fiduciary standard.” Members of the broker-dealer industry have expressed fears that the ultimate SEC ruling in this area will impose the 1940 Act fiduciary standard on them and severely limit their operations.