GovWatch is a short summary of breaking legislative and regulatory news of interest to NAIFA members. GovWatch helps NAIFA members keep a watchful eye on important legislative and regulatory developments that could positively or negatively impact your business. http://www.naifa.org/advocacy/GovWatch/index.cfm House Budget Committee Chairman Paul Ryan has introduced his proposed Fiscal Year 2012 Budget Resolution. The budget would cut approximately $6 trillion in government spending over the next 10 years. http://www.naifa.org/advocacy/GovWatch/2011/2010406_budgetresolution.cfm The President called for paying for tax reform by broadening the base through the elimination of tax expenditures that are currently a part of the Internal Revenue Code. Life insurance and annuity inside buildup, retirement savings in pension plans, and employer-paid benefits are all characterized as "tax expenditures. http://www.naifa.org/advocacy/govwatch/2011/20110126_sotu.cfm On Tuesday, January 18 the Government Accountability Office (GAO) reported to Congress the results of its study on the regulation of financial planning. http://www.naifa.org/advocacy/govwatch/2011/20110124_secstudies.cfm As expected, on January 19 the GOP-controlled House of Representatives approved H.R.2, the bill to repeal the health reform bill enacted into law last March. H.R.2 would repeal the Patient Protection and Affordable Care Act (PPACA) in its entirety. http://www.naifa.org/advocacy/govwatch/2011/20110120_houserepeals.cfm As expected, House GOP members have introduced legislation (H.R. 2) to revoke the Affordable Care Act (ACA), enacted last March as well as a resolution that calls for the development of an alternative health reform plan. http://www.naifa.org/advocacy/govwatch/2011/20110106_repealhealthlaw.cfm At just before midnight on December 16, the House of Representatives passed H.R.4853, the bill passed by the Senate that extends for two years all current law income, capital gains and dividend tax rates, for all taxpayers. http://www.naifa.org/advocacy/govwatch/2010/20101217_yearendtaxbillcompleted.cfm By a solid and bipartisan vote of 81-19, the U.S. Senate on December 15 passed H.R.4853. H.R.4853 is the year-end tax bill that contains a two-year reinstatement of the estate tax; a two-year extension of current law income, capital gains and dividend tax rates; and a 13-month extension of unemployment benefits. http://www.naifa.org/advocacy/govwatch/2010/20101215_yearendtaxbill.cfm This morning the Department of Health and Human Services (HHS) has released its interim final rule on medical loss ratios (MLR). http://www.naifa.org/advocacy/GovWatch/2010/20101122_medicalloss.cfm On November 10, the two co-chairs of the President’s National Commission on Fiscal Responsibility and Reform (the deficit reduction commission) released a comprehensive plan to reduce the deficit by about $100 billion each year for the next five years. http://www.naifa.org/advocacy/GovWatch/2010/20101111_deficitreduction.cfm On September 23, after months of debate, the House passed the Senate-approved H.R.5297, a small business lending bill that also contains a $12 billion package of small business tax breaks. http://www.naifa.org/advocacy/govwatch/2010/20100923_smallbusiness.cfm NAIFA submitted to the Securities and Exchange Commission on August 30 its formal comments regarding the Commission's study of the standards of care governing broker-dealers and investment advisers. http://www.naifa.org/advocacy/GovWatch/2010/20100831_commentstoSEC.cfm By a vote of 60 to 39, the U.S. Senate today approved H.R. 4173, the House/Senate compromise legislation which will overhaul the regulation of the financial services industry. The House passed the bill on June 30 by a vote of 237-192 http://www.naifa.org/advocacy/govwatch/2010/20100715_wallstreet.cfm Administration Issues Regulation on Pre-existing Condition Exclusion, Lifetime and Annual Dollar Limits, Rescissions, and Patient Protections http://www.naifa.org/advocacy/GovWatch/2010/20100623_hhs.cfm NAIFA members will play an increasingly important role in assisting clients in determining whether the rules applicable to grandfathered health plans are more or less favorable than the rules applicable to non-grandfathered health plans. The following Q&A will help members and their clients determine the value of retaining the health plan’s grandfather status and necessary actions needed to preserve grandfathered status. http://www.naifa.org/advocacy/govwatch/2010/20100615_hhs.cfm Last night by a vote of 59-39, the U.S. Senate passed its version of H.R.4173, the Wall Street Reform and Consumer Protection Act. http://www.naifa.org/advocacy/govwatch/2010/20100521_overhaul.cfm Earlier today, NAIFA testified at a hearing of the NAIC’s Life Insurance and Annuities Committee in Washington, D.C. which addressed the recent emergence of stranger-originated annuity transactions (STATs). http://www.naifa.org/advocacy/govwatch/2010/20100520_stranger.cfm Congress Enacts Health Reconciliation Bill into Law: NAIFA Review http://www.naifa.org/advocacy/GovWatch/2010/index.cfm U.S. House Vote Enacts Senate Health Reform Bill into Law http://www.naifa.org/advocacy/GovWatch/2010/20100322_healthbill.cfm Dodd Releases New Draft of Financial Services Overhaul Legislation http://www.naifa.org/advocacy/govwatch/2010/20100317_dodd.cfm On February 23, Senators Ron Wyden (D-OR), a member of the Finance Committee, and Judd Gregg (R-NH), ranking member of the Budget Committee, introduced S.3018, their new fundamental tax reform plan. http://www.naifa.org/advocacy/govwatch/2010/20100224_taxreform.cfm President Obama released a new health reform plan on February 22. Generally, it follows the Senate health reform bill (H.R.3590), but makes some important changes (some of which reflect House-Senate negotiations and House priorities). http://www.naifa.org/advocacy/govwatch/20100222_health.cfm Provisions hit life insurance and annuity products, life insurance companies, NAIFA members as business people, and clients http://www.naifa.org/advocacy/govwatch/20100202_FY2011.cfm