The Biden administration's Department of Labor has issued a new rule aimed at improving the quality of retirement savings advice, which will now hold more financial advisers to stricter fiduciary standards. This regulation, finalized over objections from Wall Street, requires advisers to act in the best interests of their clients, potentially increasing retirement savings by up to 20% according to the White House. The rule, expected to safeguard workers' interests and save them about $5 billion a year, has been praised by various organizations and political figures for its potential to protect American workers and retirees by ensuring they receive advice that aligns closely with their financial goals.
The people managing your retirement savings should have your best interests in mind. I've worked on this issue for years and am grateful for the Biden admin's rule. https://t.co/6gjvZhVvhm
Biden administration’s "commonsense" retirement rule could save workers $5 billion a year. https://t.co/um6S6NVRKf
Yesterday @POTUS & @USDOL announced a rule that will help Americans struggling to save and invest for a financially secure and dignified retirement, by requiring all financial advisers to act in the best interest of their clients. Congrats to @ActSecJulieSu on finalizing a rule… https://t.co/bM0MBFyLu9
Every American deserves the right to retire with security, dignity and grace, but far too often their financial future is jeopardized by advisers who put their own interests above those of their clients. @POTUS's new rule clarifies and crystallizes the definition of a fiduciary,…
Biden issues rule to clamp down on bad retirement savings advice - which White House claims could boost YOUR savings by 20% https://t.co/MMnyHgbbFY https://t.co/FlOb2o7vAd
Everyone deserves to retire with dignity. This final rule will directly impact Americans' retirement savings. According to the @WhiteHouse, requiring advisers to make recommendations in their clients' best interests can increase savings by up to 20 percent over their lifetime. https://t.co/TWaDirmD4z
Many people don’t realize that the rules financial professionals must follow vary. The Biden administration announced rules that will now require them to adhere to the highest standards when providing financial advice about your retirement money. https://t.co/3zCp9mwic1
The Biden administration announced that the Labor Department will crack down on retirement savings advice to safeguard workers’ interests. https://t.co/2SRBcA5emq
Labor Department announces new rule to shield retirement savings: The new rule updates the fiduciary standard for those offering retirement investment advice and requires more financial professionals to adhere to stricter guidelines https://t.co/BektP27nP7
Today is yet another example of how the Biden-Harris administration is protecting workers and retirees across the country. Our new final rule will protect retirement investors by requiring that trusted advisers adhere to the highest standards of care. https://t.co/7a8OUYltIt
The Labor Department has released a closely watched rule that will expand strict fiduciary standards of conduct to cover more retirement plan advisers, and has already drawn ire from Wall Street. https://t.co/6RyOXOhSUV
DOL's final overtime rule will negatively impact workers, small businesses, nonprofits, colleges and universities. @virginiafoxx's statement on the heavy-handed regulation⤵️ https://t.co/FbMvP0Ph1W
Workers, retirees and their families lose billions of dollars every year from bad financial advice. We strongly support the Biden administration’s strong @USDOL fiduciary rule to make retirement advisers put their customers' interests first. https://t.co/MqWkcwVx8p
We applaud @POTUS and @USDOL for finalizing its new Retirement Security Rule, that will help all Americans #retire with dignity by ensuring they get best interest advice from financial advisers. #saveourretirement #closetheloopholes https://t.co/qOEjYLA6vQ
DOL's final fiduciary rule will limit options for American savers and retirees and jeopardize their retirement security. @virginiafoxx's statement on the overly burdensome rule⤵️ https://t.co/Bre2I1YkGn
They're repealing Social Security? "Labor Department issues rule to crack down on bad retirement savings advice" https://t.co/if5BHaph94
Labor Department issues rule to crack down on bad retirement savings advice https://t.co/JqbuN2mczU
Labor Department issues rule to crack down on bad retirement savings advice. Don't invest any money in $TSLA and you'll make it to retirement. 🤣 https://t.co/w4qD1QVakq
BREAKING: The Labor Department has finalized a rule over objections from Wall Street that will cover more retirement plan advisers under strict fiduciary standards. https://t.co/khSXNZjj8D