Vanguard founder John Bogle has come out in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the “first step” in a movement he has been advocating for decades.

The Institute for the Fiduciary Standard has advocated for a fiduciary standard since Knut Rostad helped found the organization in 2011, but it isn’t about to rest on its laurels now that the Department of Labor has introduced a fiduciary rule.

‘A federal standard of fiduciary duty … must be applied to every person and every entity that even touches other people’s money,’ Bogle says at investor event

John Bogle needs no introduction, although Knut Rostad, Founder and President of the Institute for the Fiduciary Standard provided a glowing one. “Jack,” as he insisted I call him earlier in the evening, didn’t disappoint. Like a daring shot fired across the brow of the growing number of headlines suggesting the Fiduciary Era may be over, he blunted predicted the “new Fiduciary Rule is just the beginning.”