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Billions in Lost 401(k) Savings, Abusive Brokers Under White House Scrutiny
BloombergLink to more items from this source
Jan. 25, 2015
"Jason Furman, chairman of Obama's Council of Economic Advisers, drafted a Jan. 13 memo citing research that says some broker practices, such as boosting commissions with excessive trading, cost investors $8 billion to $17 billion a year.... [The memo] makes the case for a Labor Department regulation that would impose a fiduciary duty on brokers handling retirement accounts ... 'Consumer protections for investment advice in the retail and small-plan markets are inadequate,' Furman wrote in the memo ... 'The current regulatory environment creates perverse incentives that ultimately cost savers billions of dollars a year.' "

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