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.

President Joe Biden speaks about protecting retirement security, in the State Dining Room of the White House in Washington on Oct. 31, 2023. Andrew Caballero-Reynolds/AFP via Getty Images

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.