President Biden announces proposed rule on "junk fees" in retirement planning

(Washington, DC)  --  The Biden administration wants to do away with junk fees in retirement savings.  

The administration released a proposed rule that would require any financial adviser or broker who sells retirement investments and advice to only do so in the best interest of their clients.  

President Biden said the fees can cost retirees billions of dollars annually.  

While there are already fiduciary rules in place, Biden said there are blind spots in the current rules that can increase costs and fees for consumers and ultimately take a toll on retirement savings.  

The move is the latest effort by Biden to address junk fees in a range of industries.