(Bloomberg) — The Obama administration is picking a fight with Wall Street over the handling of Americans’ $11 trillion of retirement savings, accusing brokers of skimming significant sums annually from small investors and urging new protections against biased financial advice.

The White House on Monday plans to throw its full weight behind a Department of Labor proposal to make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for life after work. The plan would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers.

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