The Department of Labor's fiduciary standard do-over represents a "middle ground" between the outright bans on conflicted payments seen in other countries and the lack of "meaningful" protections in the U.S.

That is the assessment offered in a White House aide's memo of the DOL's redraft of regulations it has been working to perfect for more than four years.

Written by President Obama's chair of the Council of Economic Advisors, the Jan. 13 memo makes the case for the redraft to other senior White House advisors.

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