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 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 On December 24, the Senate approved its version of health reform, H.R. 3590 - 2,409 pages. The 60-39 vote was strictly along party lines. http://www.naifa.org/advocacy/govwatch/20091230_nexthurdle.cfm Today the U.S. House of Representatives by a vote of 223 to 202 passed sweeping legislation, H.R. 4173, to overhaul the regulation of the financial services industry. The bill is known as the “Wall Street Reform and Consumer Protection Act of 2009.” http://www.naifa.org/advocacy/govwatch/20091211_historicfinancial.cfm Passage in House aimed at kick starting House-Senate negotiations for a year end compromise on the contentious estate tax issue http://www.naifa.org/advocacy/govwatch/20091203_estatetax.cfm The Bill Seeks to Identify and Address Risks to the Stability of the U.S. Financial System; Key Provisions of Draft Apply to the Insurance Industry, Agents and Financial Advisors; Reflects Obama Administration Policy Priorities http://www.naifa.org/advocacy/govwatch/20091110_senatebankingcom.cfm On November 7, the House of Representatives voted 220 -215 to pass its version of health reform (H.R. 3962). http://www.naifa.org/advocacy/GovWatch/20091109_housepasses.cfm House leadership, led by Speaker Nancy Pelosi (D-CA), today announced completion of a health reform bill that combines the efforts of the House’s Committees on Education & Labor, Energy & Commerce, and Ways & Means. http://www.naifa.org/advocacy/govwatch/20091029_pelosihealthreform.cfm The House Financial Services Committee (Chairman Barney Frank, D-MA) today began to mark up legislation which would bring investment advisers and broker-dealers under a harmonized fiduciary standard of care. http://www.naifa.org/advocacy/govwatch/20091028_careforbrokers.cfm On October 13 the Senate Finance Committee finally finished its more than three weeks of mark-up, and reported out its version of health care reform. http://www.naifa.org/advocacy/govwatch/20091013_financereportsout.cfm Leaders of the House of Representatives have reached an agreement with a small group of House Democrats to hold off on any floor votes on health care-insurance reform until after Congress returns from its August Home District Work period. http://www.naifa.org/advocacy/govwatch/20090729_novote.cfm Administration Releases Systemic Risk and Office of National Insurance Proposals http://bit.ly/edJHb The U.S. Court of Appeals for the D.C. Circuit has sent SEC Rule 151A back to the SEC for reconsideration. The rule, which would classify most indexed annuities as securities, was adopted by the SEC in early 2009. http://bit.ly/ODo0X The committee-approved bill contains a limitation on the use of flexible spending arrangement (FSA), health savings account (HSA), and health reimbursement account (HRA) funds that are used to buy medicines. http://bit.ly/sDIGi Senate HELP Expands "Navigators" to Include Insurance Agents and Brokers http://bit.ly/Dk4zx Issue: Financial Services Regulatory Reform http://bit.ly/16O409 Agents and Brokers Blanket Capitol Hill to Lobby Pivotal Health Care Reform Issues http://bit.ly/nC7je http://bit.ly/nC7je The U.S. House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (Chairman Paul Kanjorski, D-PA) held a hearing today to examine the role a systemic risk regulator could play in the insurance industry. http://bit.ly/2YH0C In preparation for the Obama Administration to wade into the murky waters of insurance and financial services regulatory reform, leaders of critical sectors of the insurance industry, including NAIFA President Cliff Wilson, met yesterday with White House officials to consider options. http://bit.ly/gyLZC The hearing examined what options the federal government had with regard to insurance regulation, with a heavy focus on a systemic risk regulator, and an optional federal charter for insurance. http://bit.ly/BWt7x The Government Accountability Office has issued its findings on state insurance regulator efforts to achieve uniformity and reciprocity in areas such as producer licensing, product approval, market conduct approval, and consumer protections. http://www.naifa.org/advocacy/GovWatch/20090509_reciprocity.cfm