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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.