--- title: "Meaning & Key Takeaway of: What we need is congressional action to…" description: "\"What we need is congressional action to establish a federal principle of fiduciary duty - encapsulated by the phrase 'no man can serve two masters.'\" —..." image: "https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg" --- # What we need is congressional action to establish a… ![“What we need is congressional action to establish a federal principle of fiduciary duty - encapsulated by the phrase 'no man can serve two masters.'” quote by John C. Bogle](https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg) [Download](https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg) [Open image](https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg) > “What we need is congressional action to establish a federal principle of fiduciary duty - encapsulated by the phrase 'no man can serve two masters.'” [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Congress should enact a fiduciary duty to prevent conflicts of interest, echoing the principle that one cannot serve two masters. **In simple terms:** Mandate fiduciary duty to avoid conflicts. Key Takeaway Support fiduciary legislation. Themes finance ethics law Mood thoughtful concerned Type policy financial When to use this quote - investment advice - regulatory reform - corporate governance Key Concepts conflict of interest trustee duty Questions to Reflect On - Who benefits from fiduciary duty? - What are the challenges in enforcement? A Different Perspective Implementation may face political resistance. ★ ★ ★ ★ ★ No ratings yet [Action](https://sms4smile.com/quotes/about/action/) [Duty](https://sms4smile.com/quotes/about/duty/) [Establish Federal](https://sms4smile.com/quotes/about/establish-federal-4327367/) [Federal Principle](https://sms4smile.com/quotes/about/federal-principle-4327365/) [Fiduciary Duty](https://sms4smile.com/quotes/about/fiduciary-duty-3033591/) [Man](https://sms4smile.com/quotes/about/man/) [Need Congressional](https://sms4smile.com/quotes/about/need-congressional-3926924/) [Principle](https://sms4smile.com/quotes/about/principle/) [Principle Fiduciary](https://sms4smile.com/quotes/about/principle-fiduciary-4327366/) [Two](https://sms4smile.com/quotes/about/two/) ## Related quotes > [I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given…](https://sms4smile.com/quotes/john-c-bogle/i-believe-washington-should-be-a-more-active-participant-focusing-on/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund…](https://sms4smile.com/quotes/john-c-bogle/we-need-to-reorganize-our-entire-system-of-retirement-plan-investing/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [You want to do tax reductions, you want to do permanent tax reduction, reductions in spending. You've got to go out and explain it…](https://sms4smile.com/quotes/rudy-giuliani/you-want-to-do-tax-reductions-you-want-to-do-permanent-tax-reduction/) [Rudy Giuliani](https://sms4smile.com/quotes/author/rudy-giuliani/) > [When I run a business, and I run a business, if I don't take advantage of the five deductions that are available to me,…](https://sms4smile.com/quotes/rudy-giuliani/when-i-run-a-business-and-i-run-a-business-if-i-don-t-take-advantage/) [Rudy Giuliani](https://sms4smile.com/quotes/author/rudy-giuliani/) > [I don't think our fiduciary duty is to put shareholders first. I say the opposite. What we firmly believe is that if we focus…](https://sms4smile.com/quotes/paul-polman/i-don-t-think-our-fiduciary-duty-is-to-put-shareholders-first-i-say/) [Paul Polman](https://sms4smile.com/quotes/author/paul-polman/) > [The financial crisis of 2008-09 was in large part the result of the so-called 'success' of people who did not understand their fiduciary duty.…](https://sms4smile.com/quotes/li-lu/the-financial-crisis-of-2008-09-was-in-large-part-the-result-of-the/) [Li Lu](https://sms4smile.com/quotes/author/li-lu/) > [“There is only one tactical principle which is not subject to change. It is: ‘To use the means at hand to inflict the maximum…](https://sms4smile.com/quotes/ladislas-farago/there-is-only-one-tactical-principle-which-is-not-subject-to-change/) [Ladislas Farago](https://sms4smile.com/quotes/author/ladislas-farago/) > [The value of a principle is the number of things it will explain.](https://sms4smile.com/quotes/ralph-waldo-emerson/the-value-of-a-principle-is-the-number-of-things-it-will-explain/) [Ralph Waldo Emerson](https://sms4smile.com/quotes/author/ralph-waldo-emerson/) > [ The fundamental principle \[of settlement work\] remains: that people shall take up their residence in industrial communities, giving what they may have of public… ](https://sms4smile.com/quotes/lillian-wald/the-fundamental-principle-of-settlement-work-remains-that-people/) [Lillian Wald](https://sms4smile.com/quotes/author/lillian-wald/) > [The first principle of cognitive therapy is that all your moods are created by your 'cognitions,' or thoughts. A cognition refers to the way…](https://sms4smile.com/quotes/david-d-burns/the-first-principle-of-cognitive-therapy-is-that-all-your-moods-are/) [David D. Burns](https://sms4smile.com/quotes/author/david-d-burns/) > [In a nation as dynamic and diverse as the United States, what makes us great is that our founding principles are rooted in the…](https://sms4smile.com/quotes/ted-lieu/in-a-nation-as-dynamic-and-diverse-as-the-united-states-what-makes-us/) [Ted Lieu](https://sms4smile.com/quotes/author/ted-lieu/) > [The eternal principle, which never was born, never will die: it is in all things: it is in you now. You are the wave…](https://sms4smile.com/quotes/joseph-campbell/the-eternal-principle-which-never-was-born-never-will-die-it-is-in/) [Joseph Campbell](https://sms4smile.com/quotes/author/joseph-campbell/) > [Too much principle is often more harmful than too little.](https://sms4smile.com/quotes/ellen-glasgow/too-much-principle-is-often-more-harmful-than-too-little/) [Ellen Glasgow](https://sms4smile.com/quotes/author/ellen-glasgow/) > [I'm a principle liberty, rule-of-law Conservative.](https://sms4smile.com/quotes/erin-o-toole/i-m-a-principle-liberty-rule-of-law-conservative/) [Erin O'Toole](https://sms4smile.com/quotes/author/erin-o-toole/) > [“The laws of every country must be analogous to some common principle.”](https://sms4smile.com/quotes/thomas-paine/the-laws-of-every-country-must-be-analogous-to-some-common-principle/) [Thomas Paine](https://sms4smile.com/quotes/author/thomas-paine/) ## More by John C. Bogle > [The basic idea of retirement income is, to me, to get a check, two checks every month, one from your fixed income and one…](https://sms4smile.com/quotes/john-c-bogle/the-basic-idea-of-retirement-income-is-to-me-to-get-a-check-two/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [When you're young, you've got plenty of time to recover from your mistakes.](https://sms4smile.com/quotes/john-c-bogle/when-you-re-young-you-ve-got-plenty-of-time-to-recover-from-your/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I almost hate to say how proud I am of my career and, most of all, helping folks get the returns they deserve.](https://sms4smile.com/quotes/john-c-bogle/i-almost-hate-to-say-how-proud-i-am-of-my-career-and-most-of-all/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their…](https://sms4smile.com/quotes/john-c-bogle/the-vanguard-experiment-was-designed-to-prove-that-mutual-funds-could/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [“An investment in knowledge always pays the best interest. Learning is to the Studious, and Riches to the Careful. If a man empties his…](https://sms4smile.com/quotes/john-c-bogle/an-investment-in-knowledge-always-pays-the-best-interest-learning-is/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I…](https://sms4smile.com/quotes/john-c-bogle/i-liked-the-so-called-volcker-rule-i-would-have-separated-investment/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [We make too much out of past performance, and it's very misleading to investors. It causes them to move money around. They buy a…](https://sms4smile.com/quotes/john-c-bogle/we-make-too-much-out-of-past-performance-and-it-s-very-misleading-to/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [It's very difficult for any particular segment of the stock market to sustain superior performance. The watch word for our financial markets is, "reversion…](https://sms4smile.com/quotes/john-c-bogle/it-s-very-difficult-for-any-particular-segment-of-the-stock-market-to/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I do think that impact investing is not that effective. Shares go from investor A to investor B, and the company doesn't even know…](https://sms4smile.com/quotes/john-c-bogle/i-do-think-that-impact-investing-is-not-that-effective-shares-go-from/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I was born in an earlier generation and, as a group, my classmates at Blair Academy and Princeton University were as ethical, straightforward, and…](https://sms4smile.com/quotes/john-c-bogle/i-was-born-in-an-earlier-generation-and-as-a-group-my-classmates-at/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [My only regret about money is that I don't have more to give away.](https://sms4smile.com/quotes/john-c-bogle/my-only-regret-about-money-is-that-i-don-t-have-more-to-give-away/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [U.S. companies are innovative and entrepreneurial.](https://sms4smile.com/quotes/john-c-bogle/u-s-companies-are-innovative-and-entrepreneurial/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for…](https://sms4smile.com/quotes/john-c-bogle/successful-investing-is-about-owning-businesses-and-reaping-the-huge/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not "just a few bad…](https://sms4smile.com/quotes/john-c-bogle/without-getting-into-brothels-there-are-ethical-capitalists-the/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [The average hedge fund manager is going to earn zero per cent in extra return.](https://sms4smile.com/quotes/john-c-bogle/the-average-hedge-fund-manager-is-going-to-earn-zero-per-cent-in/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) [Explore all 179 John C. Bogle quotes ](https://sms4smile.com/quotes/author/john-c-bogle/) ## More Action quotes > [I always say there are two things to be successful. The first is decide exactly what you want - set your goals - and…](https://sms4smile.com/quotes/brian-tracy/i-always-say-there-are-two-things-to-be-successful-the-first-is/) [Brian Tracy](https://sms4smile.com/quotes/author/brian-tracy/) > [You'd be surprised how hard it can often be to translate an action into an idea.](https://sms4smile.com/quotes/karl-kraus/you-d-be-surprised-how-hard-it-can-often-be-to-translate-an-action/) [Karl Kraus](https://sms4smile.com/quotes/author/karl-kraus/) > [Gratitude isn't just a feeling, it's an action. Expressing gratitude by writing in a journal, taking a photo, or shooting a video creates a…](https://sms4smile.com/quotes/janice-kaplan/gratitude-isn-t-just-a-feeling-it-s-an-action-expressing-gratitude-by/) [Janice Kaplan](https://sms4smile.com/quotes/author/janice-kaplan/) > [Nothing is so powerful as an insight into human nature... what compulsions drive a man, what instincts dominate his action. If you know these…](https://sms4smile.com/quotes/william-bernbach/nothing-is-so-powerful-as-an-insight-into-human-nature-what/) [William Bernbach](https://sms4smile.com/quotes/author/william-bernbach/) > [Every thought I have imprisioned in expression I must free by my deeds](https://sms4smile.com/quotes/kahlil-gibran/every-thought-i-have-imprisioned-in-expression-i-must-free-by-my-deeds/) [Kahlil Gibran](https://sms4smile.com/quotes/author/kahlil-gibran/) > [It took me 20 years to buy an electric typewriter, because I was afraid it would be too sensitive. I like to bang the…](https://sms4smile.com/quotes/elmore-leonard/it-took-me-20-years-to-buy-an-electric-typewriter-because-i-was/) [Elmore Leonard](https://sms4smile.com/quotes/author/elmore-leonard/) > [Every action that helps us manifest our divine nature more and more is good; every action that retards it is evil.](https://sms4smile.com/quotes/swami-vivekananda/every-action-that-helps-us-manifest-our-divine-nature-more-and-more/) [Swami Vivekananda](https://sms4smile.com/quotes/author/swami-vivekananda/) > [As you begin changing your thinking, start immediately to change your behaviour. Begin to act the part of the person you would like to…](https://sms4smile.com/quotes/anonymous/as-you-begin-changing-your-thinking-start-immediately-to-change-your/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [It's easy to say, let's go in and get the bad guys. But you have a divided country of Sunnis and Shias. The United…](https://sms4smile.com/quotes/tulsi-gabbard/it-s-easy-to-say-let-s-go-in-and-get-the-bad-guys-but-you-have-a/) [Tulsi Gabbard](https://sms4smile.com/quotes/author/tulsi-gabbard/) > [For comedy action, I must know the language.](https://sms4smile.com/quotes/sammo-hung/for-comedy-action-i-must-know-the-language/) [Sammo Hung](https://sms4smile.com/quotes/author/sammo-hung/) > [Believing with you that religion is a matter which lies solely between man and his God, that he owes account to none other for…](https://sms4smile.com/quotes/thomas-jefferson/believing-with-you-that-religion-is-a-matter-which-lies-solely/) [Thomas Jefferson](https://sms4smile.com/quotes/author/thomas-jefferson/) > [“Action is a powerful thing. When you smile through your sadness, it can completely change your outlook. Try it! Smile :) Now hold onto…](https://sms4smile.com/quotes/leticia-rae/action-is-a-powerful-thing-when-you-smile-through-your-sadness-it-can/) [Leticia Rae](https://sms4smile.com/quotes/author/leticia-rae/) > [I reject criticism because the last thing I wanted was to sit there and look at people talking. I think people are conditioned to…](https://sms4smile.com/quotes/matt-tyrnauer/i-reject-criticism-because-the-last-thing-i-wanted-was-to-sit-there/) [Matt Tyrnauer](https://sms4smile.com/quotes/author/matt-tyrnauer/) > [“I take my actions because of my passion not because of compulsion.”](https://sms4smile.com/quotes/amit-kalantri/i-take-my-actions-because-of-my-passion-not-because-of-compulsion/) [Amit Kalantri](https://sms4smile.com/quotes/author/amit-kalantri/) > [When the first Superman movie came out I was frequently asked "What is a hero?" ...My answer was that a hero is someone who…](https://sms4smile.com/quotes/christopher-reeve/when-the-first-superman-movie-came-out-i-was-frequently-asked-what-is/) [Christopher Reeve](https://sms4smile.com/quotes/author/christopher-reeve/) [Browse all 14,940 Action quotes ](https://sms4smile.com/quotes/about/action/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "What we need is congressional action to establish a federal principle of fiduciary duty - encapsulated by the phrase 'no man can serve two masters.'", "creator": { "@type": "Person", "name": "John C. Bogle" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/john-c-bogle/what-we-need-is-congressional-action-to-establish-a-federal-principle/", "about": { "@type": "Thing", "name": "Action" }, "@id": "https://sms4smile.com/quotes/john-c-bogle/what-we-need-is-congressional-action-to-establish-a-federal-principle/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg", "contentUrl": "https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg", "url": "https://sms4smile.com/quotes/i/9e5/john-c-bogle-2199_action_what-we-need-is-congressional-action-to_1309474.jpg", "width": 1080, "height": 1080, "caption": "“What we need is congressional action to establish a federal principle of fiduciary duty - encapsulated by…” — John C. Bogle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "John C. Bogle", "item": "https://sms4smile.com/quotes/author/john-c-bogle/" }, { "@type": "ListItem", "position": 4, "name": "What we need is congressional action...", "item": "https://sms4smile.com/quotes/john-c-bogle/what-we-need-is-congressional-action-to-establish-a-federal-principle/" } ], "@id": "https://sms4smile.com/quotes/john-c-bogle/what-we-need-is-congressional-action-to-establish-a-federal-principle/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```