WASHINGTON - A top executive with Fidelity on Wednesday urged congressional action to stave off what he described as "a looming retirement crisis," appealing to lawmakers to pressure the Department of Labor to avoid an expansive redefinition of fiduciary responsibilities for advisors, among other things.

In remarks at a capital markets conference hosted by the U.S. Chamber of Commerce, Ronald O'Hanley, Fidelity's president of asset management and corporate services, spoke at times in dire terms about the road to retirement for millions of Americans working today.

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