Biden 401(k) Fiduciary Rule Angers Precursor’s Wall Street Foes

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.

At the time, Campbell was seven years off a stint as the DOL’s assistant secretary for employee benefits security under the George W. Bush administration, leading the subagency that oversees retirement benefits.

“It’s ironic that the former head of the agency that was responsible ...