(Bloomberg) -- SEC Chair Mary Jo White said the agency will develop stricter rules for advisors, wading into a battle between Wall Street and the White House, which says biased financial advice is costing investors billions of dollars.

White called for a new regulation that would make brokers put the interests of their clients ahead of their own, a so-called fiduciary duty. The remarks came after the Obama administration advanced a plan through the Labor Department to impose the higher standard on brokers who manage retirement accounts.

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