What does a new rule on financial advice mean for retirement security?

A new Department of Labor rule aims to expand protections for retirement savers by updating standards on different types of financial investment advice. Ben Harris explains what the new rule does and other steps the Biden administration could take to increase Americans' retirement security. TRANSCRIPT PITA: On Tuesday, the Department of Labor released a new proposal, what they're calling the Retirement Security Rule, or sometimes referred to as the fiduciary rule, aimed at more strictly regulating financial advisors who give investment advice to retirement savers. With us to discuss the new proposal and what it means for people seeking advice about their retirement plans is Ben Harris, vice president and director of Economic Studies and director of the Retirement Security Project here at Brookings and previously assistant secretary for economic policy and chief economist at the Treasury. Ben, thanks for talking to us.