Warren now all in on fiduciary fight [View all]

Joined by Sen. Elizabeth Warren (D-Mass.), President Obama will move ahead on Monday with plans to impose new regulations for financial advisers that are vehemently opposed by the business community.

Obama will announce his intentions during a speech at AARP's Washington offices on Monday afternoon, as The Hill first reported, on Monday, where he will be joined by Warren and other senior White House officials. AARP has joined progressives and other groups, including the AFL-CIO in backing Obama's efforts for the new regulations.
Obama officials say the new regulations -- dubbed "fiduciary rules" -- are needed to protect consumers from financial advisers who have conflicts of interests. They say too many financial advisers earn commissions from big banks after selling faulty retirement advice to unsuspecting Americans.

The U.S. Chamber of Commerce and other business groups -- backed by moderate Democrats and Republicans -- argue that Obama's new regulations decrease low- and middle-income Americans' access to retirement advice. They say that the regulations will mean advisers have less incentive to take on low- and middle-income Americans' retirement accounts, which are less lucrative than more wealthy Americans.

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http://thehill.com/policy/finance/233446-warren-now-all-in-on-fiduciary-fight