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.