“Wall Street and business lobbying groups have teamed up to fight the Obama administration’s new rules for U.S. brokers managing retirement accounts, saying the regulations include a “deliberately unworkable” fiduciary standard.
The U.S. Chamber of Commerce joined groups including the Securities Industry and Financial Markets Association and the Insured Retirement Institute in filing the lawsuit Wednesday in Dallas federal court against the Department of Labor and Secretary Thomas Perez. The industry organizations allege that the department, which created the rules, encroached on the U.S. Securities and Exchange Commission’s territory and overstepped boundaries for regulating broker-dealers that were established by Congress.”
“If Wall Street really cared about Main Street it would already act in clients’ best interest, rather than secretly pocketing tens of billions of dollars from hardworking Americans,” said Dennis Kelleher, president of Better Markets, a group formed after the 2008 financial crisis to lobby for financial reform.
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