(Bloomberg) — The head of the U.S. Securities and Exchange Commission called for tighter rules on brokers, echoing the White House's campaign to crack down on what the government calls biased financial advice that is costing investors billions of dollars.

The move brings the SEC to the forefront in a battle with Wall Street that could reshape the landscape for advisers and savers alike, touching on how brokers steer clients and collect fees, and potentially creating new winners and losers among investment funds. It's unclear how it will play out as the agency weighs concerns from industry and investor groups.

In remarks long-awaited by the financial industry, SEC Chair Mary Jo White called Tuesday for a new regulation that would make brokers put the interests of their clients ahead of their own, a so-called fiduciary duty.

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