White House rolls out proposal to protect retirement security

WASHINGTON — The White House on Tuesday announced that the Department of Labor will propose a new rule that aims to protect retirement security and combat junk fees. If finalized, the rule would ‘require that financial advisers provide retirement advice in the best interest of the saver, rather than chasing the highest payday,’ according to a White House fact sheet.

‘ The Federal Trade Commission said that junk fees are ‘hidden and bogus fees that can harm consumers and undercut honest businesses.’ Tuesday’s proposed rule is the latest in a series of moves by the Biden administration to eliminate junk fees. Earlier this month, the administration proposed a rule that would ‘ban businesses from charging hidden and misleading fees and require them to show the full price up front,’ according to a fact sheet.

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