3Obama calls for tighter rules on retirement account brokers

The Obama administration is proposing tougher restrictions on brokers who manage Americans’ retirement accounts, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401k and other savings accounts. The change would put brokers – who sell stocks, bonds, annuities and other investments – under the stricter requirements for registered financial advisers when they handle clients’ retirement accounts.