WASHINGTON – Tapping the anxieties of aging baby boomers, President Barack Obama on Monday called for tougher standards on brokers who manage retirement savings accounts, a change that could affect the investment advice received by many Americans and aggravate tensions between the White House and Wall Street.

The Labor Department submitted a proposal to the White House Monday that would require the brokers who sell stocks, bonds, annuities and other investments to disclose to their clients any fees or other payments they receive for recommending certain investments.

The proposed rule, which could be months away from actual implementation, has been the subject of intense behind-the-scenes lobbying, pitting major Wall Street firms and financial industry groups against a coalition of labor, consumer groups and retiree advocates such as the AARP.

Americans increasingly are seeking financial advice to help them navigate an array of options for retirement, college savings and more. Many people provide investment advice, but not all of them are required to disclose potential conflicts of interest.

Tanker truck crashes, catches fire

PENNSAUKEN, N.J. – Authorities say a tanker truck carrying about 8,000 gallons of fuel caught fire on a southern New Jersey highway, spewing thick, black smoke into the sky.

The driver managed to get out of the vehicle and suffered only minor injuries. He and a firefighter were treated at a hospital.

The fire started when the truck overturned shortly after 11 a.m. Monday on the Route 90 on-ramp to Route 130 in Pennsauken. It wasn’t clear what caused the truck to overturn.

Smoke could be seen 5 miles away, in downtown Philadelphia. Homes near the crash site were briefly evacuated as a precaution.

Jury: Palestinians liable in deaths

NEW YORK – The Palestine Liberation Organization and the Palestinian Authority backed a series of terrorist attacks in the early 2000s in Israel that killed or wounded Americans, a U.S. jury found Monday in awarding hundreds of millions of dollars in damages at a high-stakes civil trial.

The case has been viewed as one of the most notable attempts by American victims of the Palestinian-Israeli conflict to use U.S. courts to seek damages, and the verdict is a setback for the Palestinians’ image as they seek to rally international support for their independence and to push for war crime charges against Israel.

The damages could be a financial blow to the cash-squeezed Palestinian Authority, though the Palestinian authorities plan to appeal, and the plaintiffs may face challenges in trying to collect.

In finding the Palestinian entities liable in the attacks, a Manhattan federal jury awarded the victims $218.5 million in damages for the bloodshed in attacks that killed 33 people and wounded hundreds more – damages their lawyers said would automatically be tripled under the U.S. Anti-Terrorism Act.

Palestinian Authority Deputy Minister of Information Dr. Mahmoud Khalifa called the verdict “a tragic disservice” to Palestinians and to the international community in working toward a solution to the Israeli-Palestinian conflict.

Associated Press