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Reuters: Obama struggles with Wall Street to woo Democrats over broker rules

"(Reuters) - The Obama administration is battling Wall Street to win the support of dozens of Democrat lawmakers over rules that could rein in brokers who handle trillions of dollars in retirement accounts.

"President Barack Obama on Monday called on the Department of Labor to write new rules for brokers that seek to reduce conflicts of interest and "hidden fees" the White House says cost Americans $17 billion from their retirement plans every year. He portrayed the reform as a central tenet of middle-class economics that would help Americans "retire with dignity."

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