Today, President Obama is meeting with independent financial regulators at the White House, according to a press briefing last week.
Josh Earnest, the White House’s press secretary, did not specify if the President would be discussing the Department of Labor’s proposed fiduciary rule, the final version of which is slated for release within weeks.
But his comments to the White House press corps implied the proposed rule, which would require a fiduciary standard of care on advisors to IRAs and most of the country’s 401(k) plans, is part of the Obama Administration’s eight-year initiative to reform Wall Street, which Earnest said is one of the “key legacy achievements” of the Obama Presidency.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
