Here's what Wall Street and Washington think about the government's new rule that affects $12 trillion of your money

On Wednesday, the Department of Labor unveiled a watered-down version of its long-awaited new rule, which raises investment advice standards for retirement accounts.

The DOL regulation is an attempt to "level the playing field" for everyday investors who hold some $12 trillion in IRA and 401(k) plans.

A large number of Wall Street firms spent over five years fighting this rule. And, ultimately, the final version made some concessions to the financial industry.

Business Insider rounded up a few quotes from people in finance and politics, which are listed below. This is not a comprehensive list of how folks feel about the rule.