Retirement advisors would be legally required to act in your best interest.
This bill would make more financial advisors legally responsible for acting in your best interest when giving retirement advice. It would expand the rules for who is considered a 'fiduciary' under federal law, covering more types of advice and compensation. This means people saving for retirement, including those with IRAs, would get advice held to a higher standard.
Today, a financial advisor is only considered a fiduciary for retirement advice if they meet a specific five-part test set by a Department of Labor rule. This bill would get rid of that rule and expand the definition of a fiduciary. This means any person giving individualized retirement investment advice for a fee would be legally required to act in your best interest, covering more types of advice and accounts like IRAs.
HR 10702 · 119th Congress · AI Summary by gemini-2.5-flash · 8/10
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1 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.