Obama Warns: ‘There Are No Uniform Rules’ on Retirement Advisers

“Today we re going ░░░░░░░░ build on these consumer ░░░░░░░░ for the middle class ░░░░░░░░ taking a new action ░░░░░░░░ protect hard working families ░░░░░░░░ security If you are ░░░░░░░░ hard if you re ░░░░░░░░ away money if you ░░░░░░░░ sacrificing that new car ░░░░░░░░ that vacation so that ░░░░░░░░ can build a nest ░░░░░░░░ for later you should ░░░░░░░░ the peace of mind ░░░░░░░░ knowing that the advice ░░░░░░░░ re getting for investing ░░░░░░░░ dollars is sound that ░░░░░░░░ investments are protected that ░░░░░░░░ re not being taken ░░░░░░░░ of The challenge we ░░░░░░░░ is right now there ░░░░░░░░ no uniform rules on ░░░░░░░░ road that require retirement ░░░░░░░░ to act in the ░░░░░░░░ interests of their clients ░░░░░░░░ s hurting millions of ░░░░░░░░ and middle class families ░░░░░░░░ are a lot of ░░░░░░░░ fine financial advisors out ░░░░░░░░ but they re also ░░░░░░░░ advisors who receive back ░░░░░░░░ payments or hidden fees ░░░░░░░░ steering people in the ░░░░░░░░ retirement investments that have ░░░░░░░░ fees and low returns ░░░░░░░░ today I m calling ░░░░░░░░ the Department of Labor ░░░░░░░░ update the rules and ░░░░░░░░ that retirement advisors put ░░░░░░░░ best interest of their ░░░░░░░░ above their own financial ░░░░░░░░ It s a very ░░░░░░░░ principle You want to ░░░░░░░░ financial advice you got ░░░░░░░░ put your client s ░░░░░░░░ first You can t ░░░░░░░░ a conflict of interest ░░░░░░░░ is an important component ░░░░░░░░ that basic promise that ░░░░░░░░ America the greatest country ░░░░░░░░ earth.”