8/12/2011

The Department of Labor has proposed broadening the definition of "fiduciary" in a move that will reduce the options that consumers have for their retirement accounts. The change would subject large numbers of brokers, investment advisers and others to increased regulation and open them to legal liability. "Someone from the White House needs to step in here before [Assistant Secretary Phyllis] Borzi's savings bomb falls on the heads of American investors," according to this Wall Street Journal opinion piece.

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