New Biden target in junk fee crackdown: retirement advisers

By Jarrett Renshaw

(Reuters) – The Biden administration on Tuesday will seek to impose new rules on retirement plan providers to close loopholes that officials argue allow the industry to sell products that boost their revenue at the expense of customers, the latest effort by the administration to crack down on so-called junk fees.

The proposed Labor Department rules require retirement plan providers to only sell commodities and insurance products, such as annuities, to clients when doing so…