WASHINGTON - Industry officials applauded legislation introduced this week in the House that would let financial firms provide investment advice to users of their retirement savings plans.

The legislation, introduced by Rep. John Boehner, R-Ohio, belongs to a package of three bills aimed at revamping the Employee Retirement Income Security Act of 1974. The legislation was immediately endorsed by the American Bankers Association, the Securities Industry Association, and the American Council of Life Insurers.

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