Biden Touts 401(k) Fiduciary Rules as Attack Against ‘Junk Fees’

The new proposed rules for retirement plan investment advice are intended to “level the playing field” for workers and retirees and update outdated laws that don’t reflect developments in the industry, President Joe Biden said.

The regulatory package the US Labor Department released Tuesday would amend 48-year-old rules defining who qualifies as an investment advice fiduciary, making it harder for financial advisers to avoid the strictest standards of care under common trust law and federal benefits statutes.

By applying the definition broadly, the administration can oversee a wider swath of the financial services industry, threatening its stake in the multi-trillion-dollar ...