Clinton: New retirement rules stop Wall Street from 'ripping off' Americans

Clinton: New retirement rules stop Wall Street from 'ripping off' Americans
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Hillary ClintonHillary Diane Rodham ClintonBroadway play 'Hillary and Clinton' closing early due to low ticket sales Broadway play 'Hillary and Clinton' closing early due to low ticket sales Facing challenge from Warren, Sanders touts strength against Trump MORE lauded new White House rules on financial advisers Wednesday, saying they would “stop Wall Street from ripping off families.”

The Democratic presidential front-runner said the new rules on retirement investment advisers can help boost the economy for the middle class and said she would protect President Obama’s efforts to curb Wall Street's power if she is elected president.

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“When progressives come together to fight for families, we can build an economy that works for everyone, not just those at the top,” she said in a statement. “As President, I will defend and build on President Obama’s financial reforms, and I will work every day to ensure that the financial sector is serving the interests of consumers, retirees, workers and families—not just its own bottom line.”

On Wednesday, the Labor Department finalized a long-running regulatory project that will require investment advisers for retirement plans to adhere to a “fiduciary duty.” The rule requires those advisers to act solely in the best interests of their clients — not for their own profits — which the White House maintains will ensure Americans are not steered into more expensive investments that offer weaker returns.

The rules have been years in the making, and blocking them had been a top priority of the financial industry. Congressional Republicans have been strongly critical of the effort, as well, and have tried to delay or overturn them via legislation.