#InsuranceLobbyists block #federal crackdown on costly [good] #retirement advice

The #FinancialServicesIndustry has blocked the #Biden admin from requiring #brokers to put #retirees’ needs first — above lucrative #commissions.

To protect older Americans’ #LifeSavings, #POTUS #JoeBiden pledged in Oct to crack down on #financial advisers who recommend #investments just because they pay higher commissions. Then the insurance industry got to work.

#law
https://www.washingtonpost.com/business/2024/08/11/insurance-lobbyists-block-fiduciary-rule/