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Obama issues new financial adviser rules, Blunt promises Senate pushback

WASHINGTON
April 6, 2016

Sen. Roy Blunt said Wednesday he would press ahead in the Senate to reverse a new Labor Department rule requiring financial advisers to put the interests of clients first. Critics, including Blunt, R-Mo., and Rep. Ann Wagner, R-Ballwin, have said the rule, which will be phased in over a year, would cut off advice to low- and middle-income savers and investors as advisers abandon them over worries about compliance.

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