Biden 401(k) Fiduciary Rule Angers Precursor’s Wall Street Foes
November 6, 2023 by Austin Ramsey
Shortly after the Obama administration finalized its “fiduciary rule” in 2016, Brad Campbell got a message from his bank.
The financial firm said it could no longer offer investment advice on one of his small-balance, commission-based IRAs. Under the US Labor Department’s new regulation, Campbell was told, small-fish investors like him weren’t worth the risk anymore.