Fight Over Broker Fiduciary Standard Escalates As Gallagher Accuses White House Of "Propaganda"

A popular rule that would standardize the fiduciary responsibility for equity brokerage executives to operate in the investors best interests is labeled by the financial lobby as a top priority to defeat in 2015 President Barack Obama is expected to back a popular conflict of interest rule today as a Republican commissioner at the Securities and Exchange Commission is lashing out on the topic. The attempt by the Obama administration to protect investors from conflicted financial advice comes as the financial industry is reported to be fiercely lobbying against the Obama Administration proposal, claiming that defeating efforts to create a common fiduciary…