Economics
Wall Street Gears Up as White House Pushes Retirement-Fund Rules
A Fidelity Investments branch in New York.
Photograph: Victor J. Blue/BloombergThis article is for subscribers only.
Top financial lobbyists converged on the White House last week in a failed bid to forestall an administration plan that would impose new rules on brokers who manage trillions of dollars in U.S. retirement accounts.
At issue is a Labor Department proposal to require brokers to act in their retirement clients’ best interest, a standard known as fiduciary duty.