Biden delivers remarks on protecting retirement security: Watch live 

President Biden is slated to speak Tuesday afternoon regarding a new rule his administration is proposing to close loopholes that create added costs around retirement investment advice, as The Hill reported.

The announcement, which is part of a broader effort by the White House to address so-called “junk fees,” is focused on addressing potential conflicts of interest among financial advisers who provide retirement advice.

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 speech is scheduled for 3:30 p.m. ET.

Watch the live video above.