(Bloomberg) -- There’s a gap between the White House and Wall Street’s main regulator over a push to tighten broker rules. To the investment industry, it’s an opening to exploit.

The SEC was missing last month when the White House unveiled the plan that roiled the financial industry. The proposal, crafted by the Labor Department, would require brokers to put retirement savers’ interests ahead of their own in an effort to eliminate what it calls biased advice that costs investors billions of dollars annually.

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