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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
