Wall Street Lobby: White House Fudged Report On Retirement Savings

Discussion in 'News / Current Events' started by Revmitchell, Mar 17, 2015.

  1. Revmitchell

    Revmitchell
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    The White House altered a report to justify a new Obama administration rule regulating investment advisers, according to a major lobbying organization for the securities industry.

    The White House Council on Economic Advisers issued a recent report alleging that consumers spend an unnecessary $17 billion on counsel from retirement investment advisers because there are no rules in place to guard against hidden fees. The White House is trying to roll out a new regulation through the Department of Labor to correct that perceived problem.

    But the Securities Industry and Financial Markets Association (SIFMA) said that the new rule would actually create higher costs for consumers by forcing retirees to switch from paying their advisers on a case-by-case basis to arrangements that would pay them in regular intervals.

    As for the White House report?

    “We dug into the cited research [in the report] and we found that the report took liberties with what the cited research actually said,” SIFMA CEO Kenneth Bentsen told The Daily Caller.

    http://dailycaller.com/2015/03/16/wall-street-lobby-white-house-fudged-report-on-retirement-savings/
     

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