The Decade-Long Political Battle Over Retirement Advice and Junk Fees

President Biden's recent proposal to reform the retirement advice industry, focusing on fiduciary responsibility, has sparked a political fight reminiscent of the failed attempt by President Obama in 2016. The new rules aim to ban conflicted advice when rolling over retirement assets into an IRA or annuity. While the Biden administration believes the rules are different enough to withstand legal scrutiny, industry advocates argue that the 2016 rules led to a decrease in financial professionals and left some savers worse off. The fight is expected to be acrimonious, with high stakes for savers and potential legal challenges ahead.