The Biden administration finalized a rule cracking down on retirement advice last month that one Democrat and Republicans are already pushing to overturn. Here’s what you need to know about the Retirement Security Rule: How the rule works The rule, finalized last month by the Labor Department, requires investment advisers to provide “prudent, loyal, honest advice free from overcharges” and avoid recommendations that favor their interests at the expense of their clients. It also updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and Internal Revenue Code. Under the new definition, a fiduciary includes any
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