Vanguard CEO 'encouraged' by efforts to revise retirement advice rule(Reuters) - Vanguard Group Chief Executive Bill McNabb said on Thursday he was encouraged by the U.S. Department of Labor’s steps to make new rules on the advice brokers provide on retirement savings “more workable.” “We are encouraged that the DOL has taken important steps to establish meaningful protections for retirement investors while making the final rule more workable,” McNabb said in a statement posted online. The Obama administration on Wednesday unveiled its final version of a retirement advice rule aimed at ensuring that broker-dealers put their clients’ interests ahead of their own profits, though it was softened in response to industry complaints. Vanguard, a major manager of retirement investments that oversees more than $3 trillion in assets, had criticized an earlier version of the proposal as being applied too broadly to its activities and to situations in which investors would not reasonably expect that they were receiving investment advice. Yet Vanguard said the new rule makes disclosure and contract requirements “more practical and easier to follow.” “All of the effort within the industry to improve the DOL proposal appears to have produced positive results,” according to John Schadl, a member of the company’s legal department, according to a statement also posted online. The company praised the government’s efforts to align its rules better with existing standards laid out by other regulatory bodies, although Vanguard said “the DOL could have done more to harmonize these standards.” The Valley Forge, Pennsylvania-based company said it has not fully reviewed the 1,023 pages of rules the department released. “It is almost certain that we will find provisions of the new rule that will adversely affect some within the industry,” Schadl said in the statement. politicsNews
vanguard ceo efforts revise retirement advice rule reuters vanguard group chief executive bill mcnabb said thursday encouraged department labor steps make new rules advice brokers provide retirement savings we encouraged dol taken important steps establish meaningful protections retirement investors making final rule workable mcnabb said statement posted online the obama administration wednesday unveiled final version retirement advice rule aimed ensuring put clients interests ahead profits though softened response industry complaints vanguard major manager retirement investments oversees trillion assets criticized earlier version proposal applied broadly activities situations investors would reasonably expect receiving investment advice yet vanguard said new rule makes disclosure contract requirements practical easier all effort within industry improve dol proposal appears produced positive results according john school member company legal department according statement also posted online the company praised government efforts align rules better existing standards laid regulatory bodies although vanguard said dol could done harmonize the valley forge company said fully reviewed pages rules department released it almost certain find provisions new rule adversely affect within industry school said statement politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Vanguard CEO 'encouraged' by efforts to revise retirement advice rule(Reuters) - Vanguard Group Chief Executive Bill McNabb said on Thursday he was encouraged by the U.S. Department of Labor’s steps to make new rules on the advice brokers provide on retirement savings “more workable.” “We are encouraged that the DOL has taken important steps to establish meaningful protections for retirement investors while making the final rule more workable,” McNabb said in a statement posted online. The Obama administration on Wednesday unveiled its final version of a retirement advice rule aimed at ensuring that broker-dealers put their clients’ interests ahead of their own profits, though it was softened in response to industry complaints. Vanguard, a major manager of retirement investments that oversees more than $3 trillion in assets, had criticized an earlier version of the proposal as being applied too broadly to its activities and to situations in which investors would not reasonably expect that they were receiving investment advice. Yet Vanguard said the new rule makes disclosure and contract requirements “more practical and easier to follow.” “All of the effort within the industry to improve the DOL proposal appears to have produced positive results,” according to John Schadl, a member of the company’s legal department, according to a statement also posted online. The company praised the government’s efforts to align its rules better with existing standards laid out by other regulatory bodies, although Vanguard said “the DOL could have done more to harmonize these standards.” The Valley Forge, Pennsylvania-based company said it has not fully reviewed the 1,023 pages of rules the department released. “It is almost certain that we will find provisions of the new rule that will adversely affect some within the industry,” Schadl said in the statement. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: vanguard ceo efforts revise retirement advice rule reuters vanguard group chief executive bill mcnabb said thursday encouraged department labor steps make new rules advice brokers provide retirement savings we encouraged dol taken important steps establish meaningful protections retirement investors making final rule workable mcnabb said statement posted online the obama administration wednesday unveiled final version retirement advice rule aimed ensuring put clients interests ahead profits though softened response industry complaints vanguard major manager retirement investments oversees trillion assets criticized earlier version proposal applied broadly activities situations investors would reasonably expect receiving investment advice yet vanguard said new rule makes disclosure contract requirements practical easier all effort within industry improve dol proposal appears produced positive results according john school member company legal department according statement also posted online the company praised government efforts align rules better existing standards laid regulatory bodies although vanguard said dol could done harmonize the valley forge company said fully reviewed pages rules department released it almost certain find provisions new rule adversely affect within industry school said statement politicsnews