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In a Political Twist, Elizabeth Warren Asks Banks to Help Defend Fiduciary Rule - ABI

Democrats are rolling out a new strategy to defend a controversial Obama administration rule shaking up the retirement savings industry, asking big financial firms to publicly embrace the policy, the Wall Street Journal reported today. Sen. Elizabeth Warren (D-Mass.) yesterday sent letters to the dozens of major financial institutions that have already started taking steps to comply with the new rule before its implementation starts in April. In the letters addressed to JPMorgan Chase & Co., Wells Fargo & Co. and Fidelity Investments, among others, Ms. Warren praised them for announcing steps in recent months to comply with the rule.

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