President Joe Biden promised to protect seniors who are seeking information on financial advice on retirement in an address from the White House's State Dining Room on Tuesday.

The Biden administration announced it would propose a new Department of Labor rule that would expand the existing fiduciary standard that covers advice related to securities, such as mutual funds, to include new types of non-securities, including advice to employers and plan fiduciaries.

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The proposed rule comes after Biden's broader work concerning junk fees and retirement savings, with Biden signing SECURE 2.0 into law last December, which he and his aides say encourages employers to provide retirement plan benefits to employees and makes it easier for those people to save.