JIM KUHNHENN, Associated Press

WASHINGTON (AP) — President Barack Obama says too few Americans approaching retirement have saved enough to have peace of mind during their later years.

Obama is proposing tougher restrictions on brokers who manage Americans’ retirement accounts. The change would put brokers under the stricter requirements for registered financial advisers when they handle clients’ retirement accounts.

Obama says in a speech to AARP that after a lifetime of hard work, Americans should be able to retire with dignity and a sense of security. He says the challenge is there are currently no rules requiring retirement advisers to act in their clients’ best interests.

The financial services industry opposes the proposal and says the industry is well governed by financial regulators like the Securities and Exchange Commission.