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Labor Pick Will Seek Ethics Advice on Brokers Conflict Rule

Senate Committee on Health, Education Labor and Pensions ranking member Patty Murray of Wash., and Chairman Lamar Alexander of Tenn., talk after the nomination hearing for Eugene Scalia as Secretary of Labor on Capitol Hill, Sept. 19, 2019.

President Donald Trump’s pick for Labor secretary sought to quell concerns among Democrats that he’s too close to the corporate world, telling lawmakers Thursday that if confirmed he’ll ask ethics officials if he can participate in the crafting of a conflict of interest rule for stockbrokers.

As a private sector attorney, Eugene Scalia helped undo an Obama-era regulation to put stricter requirements on financial professionals who dispense advice for retirement planning and other investments. The Labor Department is expected to propose a fiduciary rule that aligns with a new Securities and Exchange Commission measure backed by the financial services industry but read more >>>

Source:: VOANews.Com