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Thomas Edward Perez

Stricter rules unveiled for brokers giving retirement advice

Stricter rules unveiled for brokers giving retirement advice

The Obama administration acted Wednesday to require that brokers who recommend investments for retirement savers meet a stricter standard that now applies to registered advisers: They must act as "fiduciaries" — trustees who are obligated to put their clients' best interests above all.

The action, in rules issued by the Labor Department, could shake up how Americans' retirement investments are handled by brokers. The anticipated release of the rules had been the target of heated lobbying campaigns from both the financial industry and consumer advocates.

"This is a huge win for the middle class," Labor Secretary Thomas Perez said in a conference call...

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