New Biden target in junk fee crackdown: retirement advisers
© Reuters. FILE PHOTO: U.S. President Joe Biden holds an event to sign an Executive Order on Artificial Intelligence in the East Room at the White House in Washington, U.S., October 30, 2023.
"Financial advisors should put savers best interest first, and not sell them lower returning products in order to maximize their own fees," Lael Brainard, director of the White House National Economic Council, said. The proposed Labor Department rule is designed to force brokerage firms to put investors' needs first, instead of selling products that generate a higher payout for them.
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