"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.
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 require the Obama administration to give brokers , insurers , and other companies that sell financial products 30 more days to weigh in on the rules before they can be finalised . Even a one month delay could defeat the White House 's goal of reviewing the rules and setting them in stone before Obama took office in January 2009 . The financial industry has been engaged in a five - year lobbying campaign against efforts to make brokers act in their customers ' best interests .