"Biden Administration Takes Action to Close Retirement Advice Loopholes"

The Biden administration is proposing a new rule to close loopholes that result in added costs for retirement investment advice. The rule aims to address potential conflicts of interest among financial advisers by requiring them to provide retirement advice in the best interest of savers rather than pushing specific investment products. The proposal would also address a loophole around advisers providing guidance on rolling over assets from a 401(k) plan into an Individual Retirement Plan (IRA). The administration's broader effort to eliminate "junk fees" includes actions to eliminate banking fees and hidden charges on cable bills, airline tickets, and hotel bookings.