Amid the flurry of securities fraud investigations, a Senate Judiciary subcommittee today is considering whether the laws governing conduct on Wall Street need an overhaul.

The subcommittee on crime and drugs, chaired by Sen. Arlen Specter, D-Pa., is hearing testimony from academics, advocates and at least one voice from Big Law. One major point of dispute: a proposed requirement for some financial services employees to meet a fiduciary duty to their customers, or else face criminal charges and potential prison time.