Bloomberg) — Labor Secretary Thomas Perez is trying to rally support for stricter broker rules as Wall Street lobbyists line up in opposition to the Obama administration's plan.
In a speech Friday to a group of consumer advocates, Perez said that one of his top priorities is to make brokers who manage retirement accounts put their clients' interest ahead of their own. He said current rules enable biased financial advice that jeopardizes workers' nest eggs.
Perez likened the situation with retirement savings to the sale of complex mortgages in the run-up to the housing market collapse.
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