Posted on 02/23/2015 9:43:22 AM PST by Olog-hai
The Obama administration is proposing tougher restrictions on brokers who manage Americans’ retirement accounts, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401K and other savings accounts.
The change would put brokers—who sell stocks, bonds, annuities and other investments—under the stricter requirements for registered financial advisers when they handle clients’ retirement accounts.
In a long-anticipated move, the Labor Department is making the proposal Monday to the White House Budget Office. After an internal review, it likely will be put out for public comment for several months. Obama was scheduled to address the AARP later Monday to draw attention to the plan.
The rule has been the subject of intense behind-the-scenes lobbying, pitting major Wall Street firms and financial industry groups against a coalition of labor, consumer groups and retiree advocates such as the AARP. …
(Excerpt) Read more at hosted.ap.org ...
Next time be so kind as to add a sarcasm tag.
Almost like a politburo meeting.
Is this going to end up like the internet control scam?
Next time, have enough clue to detect it. .
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