Wall Street banks are desperately attempting to derail new regulation designed to put tougher restrictions on brokers who advise American's on saving for retirement. "We are concerned that the proposed rule could diminish the availability of advice for small businesses and access to retirement products that provide lifetime income," Sens. Ben Cardin, a Maryland Democrat, and Rob Portman, an Ohio Republican, wrote to Perez in a letter dated Dec. 4. Though it is thought to be unlikely that they will succeed, the banks have hope due to a provision being introduced by Republicans with some Democratic support, which would force the Obama administration to give brokers, insurers, and other companies that sell investment products 30 more days to weigh in on the rules before they can be finalised. The bill has been dubbed "the Volcker rule" after former Federal Reserve chairman Paul Volcker, whose term as chair of the US central bank ended last year, pushed through legislation requiring financial firms to hold The financial industry has been engaged in a five-year lobbying campaign against efforts to make brokers act in their customers' best interests.
Wall Street banks are desperately attempting to derail new regulation designed to put tougher restrictions on brokers who advise American's on saving for retirement. Though it is thought to be unlikely that they will succeed, the banks have hope due to a provision being introduced by Republicans with some Democratic support, which would force the Obama administration to give brokers, insurers, and other companies that sell investment products 30 more days to weigh in on the rules before they can be finalised. The bill has been dubbed "the Volcker rule" after former Federal Reserve chairman Paul Volcker, whose term as chair of the US central bank ended last year, pushed through legislation requiring financial firms to hold The financial industry has been engaged in a five-year lobbying campaign against efforts to make brokers act in their customers' best interests.