President Joe Biden speaks about actions to protect retirement security by cracking down on junk fees in retirement investment advice on Tuesday.

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LIVE: Biden delivers remarks on retirement security and cracking down on junk fees — 10/31/23…(read more)

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LIVE: Biden delivers remarks on retirement security and cracking down on junk fees — 10/31/23

On October 31, 2023, President Joe Biden delivered remarks on retirement security and the administration’s plan to crack down on junk fees. In his address, the President emphasized the importance of ensuring a secure and dignified retirement for all Americans and outlined measures to protect consumers from unnecessary and predatory fees.

Retirement security has been a growing concern for many Americans as they approach their golden years. President Biden reaffirmed his commitment to strengthening retirement savings and ensuring access to affordable and reliable retirement options for workers across the country. The President highlighted the need to expand access to retirement savings accounts, enhance retirement benefits, and protect pensions for those who have worked tirelessly throughout their careers.

Furthermore, President Biden addressed the issue of junk fees, which can often eat away at hard-earned savings and investments. These fees, whether hidden or overt, can significantly erode the returns on retirement accounts and other investments. The administration’s plan to crack down on junk fees aims to protect consumers from unnecessary and unfair charges, ultimately bolstering their ability to save and plan for the future.

During his remarks, President Biden underscored the administration’s efforts to foster greater transparency within the financial industry, holding institutions accountable for their fee structures and ensuring that consumers are provided with clear and accurate information about the costs associated with their financial products and services.

As the speech concluded, President Biden urged Congress to take action on legislation that would protect retirement security and crack down on junk fees. He emphasized the need for bipartisan cooperation to address these critical issues and emphasized the potential impact on the financial well-being of millions of Americans.

President Biden’s remarks on retirement security and junk fees demonstrate the administration’s commitment to prioritizing the financial security and well-being of all Americans. By addressing these issues head-on, the administration is working to create a more equitable and secure financial landscape for individuals and families across the country.