Finra Chief Blasts Labor Proposal for Stricter Broker Rules

The head of Wall Street’s self-regulator blasted the Obama administration’s push to impose stricter standards on brokers who handle retirement accounts, saying the rule would make it difficult for smaller investors to get advice. In a speech Wednesday, Financial Industry Regulatory Authority Chief Executive Officer Richard Ketchum said that the Labor Department’s April proposal would create new legal risks for brokers and probably reduce the number of investment options they would offer. The remarks echo the lobbying talking points used by financial companies opposed to the proposal. More on Bloomberg here.