AARP leads strategy session to back new financial rules

The Hill reports:

The AARP joined labor unions Friday for a strategy session to support the administration's upcoming regulations for financial advisers.

The regulations would impose new disclosure requirements on financial advisers and investment dealers, and they are opposed by the business community.

The AARP is one of the nation’s most powerful interest groups and represents people over the age of 50. Friday’s meeting at the group’s headquarters signals its intention to fight hard for the new “fiduciary rules” on financial advisers the Obama administration is expected to unveil in the next few weeks.

The AARP argues the rules are needed to stop advisers from earning commissions by selling faulty advice to unsuspecting Americans. An initial effort by the administration to pass similar rules failed in 2010.

More regulation: means limiting competition . Thanks AARP!