Labor Secretary Thomas Perez headed to Capitol Hill this week to defend the department's controversial fiduciary proposal, telling skeptical lawmakers that the new rules are needed to protect retirees from conflicted investment advice.

Too often, Perez argues, advisors and brokers put their interests ahead of their clients, and are even encouraged to do so under the current standard that they recommend products that are merely suitable for their clients. The Department's proposed rule would affect advisors or brokers receiving compensation for providing investment advice to a retirement plan sponsor, plan participant or IRA owner.

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