Biden administration to propose rule to close retirement advice loopholes

Tuesday’s announcement is the latest effort by President Biden and his aides to address what they describe as “junk fees,” which create additional, sometimes unseen costs for Americans.
As part of that effort, the administration has previously announced actions to eliminate banking fees and hidden charges on cable bills, airline tickets and hotel bookings.

"The new Labor Department proposal would require financial advisers to provide retirement advice in the best interest of savers rather than in the interest of a firm pushing a specific investment product, something that the White House said can cost retirees billions of dollars annually.

The White House Council of Economic Advisers (CEA) said in a blog post published Tuesday that financial advisers must hew to a “fiduciary standard” to put their client’s interests above their own commissions when recommending investments."

I'm scratching my head on this one and will have to see the actual text of the proposal. Federal law* (the Employee Retirement Income Security Act of 1974) already requires that anyone who has control, or gives advice is subject to fiduciary responsibilities (side note: "Fiduciary" is a legal term and not a general statement).

I've heard complaints from some states about ERISA concerning flexibility in health insurance cases, but the only 'loophole' I know of is that the government exempted themselves and churches from having to follow ERISA - " ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws. ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans."
-----------------------------------------------
* ERISA law - https://www.dol.gov/general/topic/retirement/erisa