Biden 401(k) Advice Rule Finalized Over Wall Street Pushback (1)

The US Labor Department has released a closely watched rule that will expand strict fiduciary standards of conduct to cover more retirement plan advisers, and has already drawn ire from Wall Street.

The rule from the DOL’s Employee Benefits Security Administration could equip regulators with more power to oversee Wall Street heavy hitters and require companies to comply with expensive disclosure exemptions.

EBSA will release the regulation on its website Tuesday following months of pushback from the finance sector, particularly in insurance and annuities. The final rule is due to go into effect 150 days after its April 25 publication ...