Biden's Plan to Eliminate Junk Fees and Protect Retirement Savings

President Joe Biden has unveiled a proposal by the Labor Department to eliminate "junk fees" charged by financial advisers on retirement accounts. The new rule would require financial advisers to act in the best interest of account owners, closing loopholes in earlier laws. Biden specifically highlighted the impact of self-serving annuities that drain people's savings accounts. Under the rule, financial advisers who violate it would face penalties, including paying restitution and fines. The president's campaign against hidden fees aims to protect consumers and ensure fairness in the financial industry.