The White House’s Idea To Protect Retirement Savings

Aftear nearly seven years of political and bureaucratic warfare, the Obama administration is about to unveil stricter rules governing brokers and others who help people invest their retirement savings. Specifically, the administration wants to impose a legally enforceable duty to act in the “best interest” of clients, similar to the fiduciary duty lawyers and other professionals already owe.

The administration says the “fiduciary rule” is necessary for two reasons: First, in the modern era, Americans’ retirement funds reside heavily in individual tax-advantaged accounts such as 401(k)s and IRAs, the former accounting for $4.2 trillion and the latter $7.4 trillion in 2013.

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