U.S. Sen. Elizabeth Warren on Thursday requested a formal Securities and Exchange Commission investigation into four financial firms, asking the agency to evaluate whether they violated securities laws in an effort to thwart a federal initiative aimed at protecting investors. At issue is the Obama administration’s proposed rule that would require financial firms to put customers' interests ahead of their own when advising them on investment decisions. The White House says the rule is necessary because, it argues, conflicts of interests in investment advice cost consumers $17 billion a year in lost earnings. In recent months, groups tied to the financial industry have mounted a campaign to stop the proposed rule, and legislation has been introduced in Congress to kill it.
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.