Elizabeth Warren Hits Wall Street To Defend Obama Retirement Rule

The senator is fighting back against special perks that can encourage financial advisers to push clients into bad investments.

Zach Carter

Sen. Elizabeth Warren (D-Mass.) took a swipe at Wall Street Tuesday, detailing a host of vacations, cruises and other perks that retirement professionals commonly receive for steering clients into particular investments. The rewards provide investment experts with plush incentives to shortchange retirees for their own personal benefit.

Warren's description of the perks, outlined in a report issued by her office, serves as a fresh defense of a retirement security rule proposed by the Obama administration, which would prohibit such activity. Americans collectively lose about $17 billion dollars a year to conflicted retirement account advice, according to the administration.