How Democrats Almost Strangled The Obama-Warren Retirement Security Plan In The Cradle

WASHINGTON — President Barack Obama unveiled a significant retirement security proposal with Sen. Elizabeth Warren (D-Mass.) on Monday, announcing plans to bolster retirement accounts by curbing conflicts of interest on Wall Street. The administration says Americans lose a combined $17 billion each year through hidden fees and conflicted investment advice. Investment specialists frequently steer investors into financial products that maximize benefits to the advisers or their companies, instead of their clients. To curb this, Obama plans to impose a new “fiduciary duty” on retirement account managers, requiring them to act in the best interests of investors. “It’s a very simple principle,” Obama said Monday. “You want to give financial advice, you’ve got to put your client’s interests first.” More in the Huffington Post here.