Volunteers from AARP descended on Washington bearing petitions in support of a fiduciary standard.
They planned to deliver the petitions, with more than 26,000 signatures, to the Department of Labor in support of the DOL's proposed rule that would protect investors in 401(k) plans and IRAs from conflicts of interest in retirement advice.
In announcing the proposed rule earlier in April, the DOL cited an analysis by the White House Council of Economic Advisors, which it said "found that these conflicts of interest result in annual losses of about 1 percentage point for affected investors — or about $17 billion per year in total."
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