Biden’s 401(k) Advice Rule Finalized Over Wall Street Objections
A cyclist rides past the U.S. Department building in Washington.
Photographer: Erin Scott/BloombergThe US 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.
The rule from the DOL’s Employee Benefits Security Administration could equip regulators with more power to oversee Wall Street heavy hitters and require companies to comply with expensive disclosure exemptions.