President Joe Biden announced new proposed measures on Tuesday aimed at protecting Americans' retirement savings from junk fees collected by financial advisers.
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"America's families spend a lifetime saving so they can retire with dignity. But junk fees are chipping away at their savings, going to financial advisers with conflicts of interests instead of to American families, and making retirements less secure," the White House said in a statement.
With current rules differing from state to state, the Department of Labor plan would attempt to close loopholes and guarantee that advisers must act with their clients' best interest in mind.
This move is the latest of Biden's efforts to help U.S. consumers by taking action against insidious fees that are often hidden by deceptively low prices. His administration has shed light on several industries that use these fees, which drive up the cost of everything from concert tickets to airline seats to your cable bill.