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Secretary Thomas Perez

What the Labor Dept's Fiduciary Proposal Means for Banks

"The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings.

"The Department of Labor issued a draft proposal earlier this month that would require financial advisers to provide retirement savings advice that is in a customer's "best interest" in an effort to minimize conflicts of interest. President Obama and some lawmakers, including Sen. Elizabeth Warren, D-Mass., have backed the rule, but the industry warns that it may prove too complex and could hinder access to retirement advice."