The U.S. Department of Labor Fiduciary Rule, finalized in 2016, expanded the definition of 'fiduciary' under the Employee Retirement Income Security Act (ERISA) to include financial advisors providing investment recommendations to retirement savers, such as in IRAs. Its purpose was to require these advisors to act in clients' best interests, prioritizing client needs over their own financial gains and reducing conflicts of interest in retirement advice. The rule introduced a 'best interest contract' exemption allowing certain compensation practices if advisors adhered to impartial conduct standards. It aimed to protect middle-class retirement savings from biased advice, potentially benefiting consumers by an estimated $17 billion over 10 years according to DOL projections. However, it faced significant opposition from the financial industry, leading to legal challenges, delays, and eventual partial rescission; its impact was limited as it was never fully implemented, influencing subsequent regulatory efforts like the 2024 proposed rule.