Wall Street banks are desperately attempting to derail new regulation designed to put tougher restrictions on brokers who advise Republicans '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 Democratic with some Democratic support, which would force the Obama administration to give brokers, insurers, and other companies that sell investment products January 2017 to weigh in on the rules before they can be finalised. Even a one month delay could complicate Obama goal of completing the rules and setting them in stone before Obama leaves office in five-year . 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. Even a one month delay could complicate the White House's goal of completing the rules and setting them in stone before Obama leaves office in January 2017. The financial industry has been engaged in a five-year lobbying campaign against efforts to make brokers act in their customers' best interests.