401(k) Advocates Gear Up to Fight Wall Street on Fiduciary Rule

Consumer advocates are readying themselves for a renewed battle with Wall Street over conflicted retiree financial advice as the US Labor Department prepares its latest fiduciary rulemaking project.

Advocacy organizations that shuttered or laid low after a federal appeals court axed the first Obama administration fiduciary regulation in 2018 are reemerging, fueled once more by a friendly administration intent on trying again.

Special interest groups representing investors are set to play an outsized role supporting a tiny federal benefits agency taking on some of Wall Street’s giants. Stricter fiduciary standards from the Labor Department would challenge how securities advisers and ...