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In 2011, the Securities and Exchange Commission published a study, mandated by the Dodd-Frank Act, which concluded that all financial advisers and stock brokers should be placed under a uniform fiduciary standard.

A central provision of the Department of Labors new conflict-of-interest proposal would replace how the Employee Retirement Income Security Act defines fiduciary for plan advisors with stricter language.

Support came from all of the expected quarters Tuesday as did opposition after the Labor department unveiled its new proposed fiduciary standard.

What Labor Secretary Tom Perez said about why a new fiduciary standard is needed, in a blog post co-authored with Jeff Zients, director of the National Economic Council.

A new best interest contract exemption represents what it says is an unprecedented departure from the departments approach over the past 40 years.

Perez says the agency's recrafted fiduciary standard is aimed at helping working people save as much possible, while allowing advisors to continue earning a living.

A funny thing happened on the way to transparency. Its called apathy.

Once the OMBs review is concluded, the DOL will hold a public comment period, have public hearings, and then reopen another comment period.