President Joe Biden today announced new steps to protect American investors from so-called “junk fees” in retirement investment advice as part of his economic agenda, Bidenomics.
According to the White House, junk fees are eroding Americans’ savings, benefiting financial advisers with conflicts of interest, and undermining retirement security.
“I can tell you what, if you come from a middle-class family like I did, the thing that makes you the angriest is when you’re taken advantage of,” President Biden said at a White House event to unveil the new rules to curb junk fees.
“Research shows without realizing that folks can end up paying 20 percent more because of hidden fees than they would have paid if they could have known upfront,” he added….
Biden Unveils New Plan to Crack Down on ‘Junk Fees’ in Investment Advice
According to the White House, retirees might save up to 20 percent by avoiding unnecessary fees in retirement plans.
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