Obama defends new rules for financial advisers - Thehill

President Obama is defending new proposed rules for financial advisers, saying they will "protect hardworking families' retirement security."

"If you’re working hard and putting away money, you should have the peace of mind that the financial advice you’re getting is sound and that your investments are protected," Obama said Saturday in the weekly address.

The contentious new regulations would create new disclosure rules for financial advisers to ensure consumers are better informed about hidden investment fees and other conflicts of interest.

But business groups have pushed back against the rule saying it could keep many middle and lower income Americans from getting access to investment advice.

"Right now, there are no rules of the road," said Obama on Saturday. " Many financial advisers put their clients’ interest first – but some financial advisers get backdoor payments and hidden fees in exchange for steering people into bad investments."

He said that such conflicts cost middle and working class families $17 billion a year.

"Middle-class families cannot afford to lose their hard earned savings after a lifetime of work. They deserve to be treated with fairness and respect. And that’s what this rule would do," the president added.

Obama said he was ready for a fight to enact the rules.  Read More 

Obama defends new rules for financial advisers

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