Obama calls for higher standards on brokers giving retirement advice

President Barack Obama on Monday proposed tougher regulations on investment brokers who handle retirement funds, saying new rules would limit hidden fees, "back-door payments" and conflicts of interest that eat into middle-class Americans' savings. Warning against advisers who are "bilking" clients and selling "snake-oil," Obama billed the move - a revival of a effort quashed by industry opposition four years ago - as part of his renewed focus on a populist economic message.



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