(NewsNation) — President Joe Biden is set to give remarks on Americans’ retirement security by addressing junk fees on retirement plans charged by financial advisors.
So-called “junk fees” have been a focus of the Biden administration as the president seeks to tamp down on hidden costs for consumers. Previously, the president has focused on fees charged by travel companies and banks that consumers are unaware of when they decide to make a purchase.
The proposal by the Labor Department would require financial advisors to act in the interest of account owners rather than in the interests of the investment firm.
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