Obama Backs Tougher Rules for Brokers As Fiduciary Rule Re-Proposal Heads to OMB. (cover story)

The article reports that U.S. President Barack Obama has expressed support for a proposed rule that will limit brokers' ability to get retirement savers to favor higher-fee mutual funds as investment options. Topics discussed the potential impact of the rule on financial advisors' earnings, the alleged inclusion of a provision that will impose a fiduciary duty on brokers and the common complaints against the existing rules on investment brokers' fees.