Trump officials seek to delay Obama rule on investment advisers

Written on Mar 02, 2017

The Trump administration is seeking to delay an Obama-era rule on investment advisers that has been fiercely opposed by the financial industry.

The Labor Department on March 1 proposed delaying the implementation of the so-called fiduciary rule, which broadly requires retirement advisers to act in the best interest of their clients.

The regulation is aimed at preventing conflicts of interest where financial advisers push clients toward investment products that they receive commissions for.

Critics in the business world say the rule is overly broad and will have disastrous consequences, cutting off investment advice to people with lower incomes.

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