Great summary by Bloomberg explaining the history behind Phyllis Borzi's fight to regulate retirement accounts and 401k plans.

Phyllis, an assistant secretary at the U.S. Labor Department, has long argued that retirement savings can be eroded by high fees or imprudent investments recommended by advisers with hidden incentives. She is pushing for brokers to be held to a legal standard that they must act in a client’s best interest, an obligation known as a fiduciary duty.