Brokers Handling IRAs Face Tougher Rules Under Obama-Backed Plan

April 14, 2015 9:52 PM

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Brokers and insurance agents providing retirement-savings advice would have to put clients’ interests ahead of their own under an Obama administration plan that will face stiff opposition from Wall Street and Republican lawmakers.

The Labor Department proposal announced Tuesday is a win for Democrats and consumer advocates, and a setback for bankers who had angled for a standard to be set by the Securities and Exchange Commission, a more-familiar regulator. Adoption of a final rule could take six months or longer, according t...

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