The Biden administration is proposing a new rule to ensure people saving for retirement get the best advice possible. AdvertisementAdvertisementThe Biden administration is continuing its crackdown on junk fees — and this time, retirement savings are in the limelight. A new proposed rule by the Department of Labor would close what the administration calls "loopholes" in retirement advice, potentially saving retirees billions. However, some advisers steer their clients towards what's best for them, not the retirement savers, he said. Currently, the Securities and Exchange Commission has regulations mandating that investment advice needs to be in a saver's best interest.

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Persons: Biden, Obama, —, DOL, that's, they're, LIMRA, Jason Berkowitz, Berkowitz Organizations: Service, Department of Labor, Securities and Exchange Commission, SEC, White, Federal Reserve, FTC, The Department, Labor Locations: pushback, Washington