Ed. note: This is cross-posted on the U.S. Department of Labor's blog. See the original post here. Watch on YouTube Today, we are taking the next step in President Obama’s historic push for the strongest consumer protections in America’s history. As the President called for in February, the Department of Labor is proposing to update rules to protect Americans saving for retirement and crack down on conflicts of interest in retirement advice that are costing middle-class and working families billions of dollars every year. The President takes a backseat to no one when it comes to strengthening consumer protections. That’s why he fought to create the Consumer Financial Protection Bureau (CFPB), an independent watchdog that has already enhanced safeguards across mortgage, credit card, debt collection, and student loan servicing markets, while putting more than $5 billion back in the pockets of more than 15 million wronged consumers through enforcement actions. Recently, the CFPB took an important step toward cracking down on abusive practices in payday lending, yet another example of how this critical consumer watchdog is delivering for the American people. The Department of Labor’s proposed rule adds to those protections, by reflecting a simple, commonsense principle: Retirement advisers should put their clients first and give advice that is in their clients’ best interest. read more

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Today’s Important Step to Strengthen Retirement Security