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Wall Street May Get a New Chance to Gut Obama's Broker-Conflict Rule

  • SEC said to revisit controversial fiduciary-duty requirement
  • Regulation passed by Labor Department infuriated industry
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Photographer: Michael Nagle/Bloomberg

The finance industry may get a fresh opportunity to chip away at an Obama-era rule that cracked down on Wall Street conflicts of interest, as the Securities and Exchange Commission is considering reviewing the responsibilities that brokers have to their clients.

The SEC’s first step could be seeking feedback on what’s known as a fiduciary duty -- the requirement that financial professionals offering investment advice put their customers’ interests ahead of their own, said two people with knowledge of the matter who asked not to be named because the agency hasn’t announced its plans.