A coalition of 41 consumer advocate groups today applauded the Labor Department for its proposed ‘fiduciary’ rule that would impose new requirements on brokers who offer retirement savings advice to consumers.

“Many Wall Street firms and their allies tried to stop this rule from ever seeing the light of day,” the groups — which include AARP, AFL-CIO and NAACP — said in a statement. “We look forward to reviewing this proposal in detail and working to help craft the strongest possible.”

The Labor Department today announced the release of its highly-anticipated fiduciary rule for brokers. Completing the rule is a top priority on President Barack Obama’s “middle-class economics” agenda.

Separately, Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, also endorsed the proposed rule.

“Rather than using the legislative process to further delay or weaken these protections for millions of America’s retirees and investors, I hope my colleagues will join me in supporting efforts to impose these much needed, common sense reforms of the rules governing retirement advice,” Waters said in a statement.