National Association of Insurance and Financial Advisors

DOL Proposes Fiduciary Rule Applicability Date Delay, Revisions to Rules

August 15, 2017

On August 9, the Department of Labor (DOL) sent to the Office of Management and Budget (OMB) a proposed notice to delay the applicability date of the not-yet-in-effect portions of the fiduciary rule from January 1, 2018 to July 1, 2019. The notice will also include proposed revisions to the rule’s best interest contract (BIC) exemption, the annuity (PTE 84-24) prohibited transaction exemption (PTE), and the PTE for principal transactions involving advice fiduciaries and employee benefit plans...

Key GOP Leaders, Tax Writers Announce Unified Principles for Tax Reform

August 15, 2017

On July 27, the Administration and Republicans’ Congressional leaders and chief tax writers announced a set of principles for tax reform on which they all agree. They say these “unified principles” will form the foundation of a tax reform proposal to be written over the upcoming four to six weeks and offered to Congress and the public by the end of September.   Signing the statement were “the big six,” Treasury Secretary Steven Mnuchin, National Economic Council (NEC) Director Gary Cohn, ...

Senate Fails to Pass ACA Repeal/Repeal-and-Replace Legislation

August 15, 2017

The Senate came up short of the votes it needed to pass any of the four Affordable Care Act (ACA) repeal-and-replace plans it considered in late July. Whether lawmakers will try again in September remains uncertain.   It was high drama in the Senate on July 26-28, when the Senate debated four separate ACA repeal or repeal-and-replace plans. Ultimately, the Senate failed to advance any of them. It started with a cliff-hanger of a vote on whether to even start debate (resolved by the return...

Health Reform Proposals for ACA Repair if not Repeal Beginning to Emerge

August 15, 2017

Three new proposals may or may not resolve the Affordable Care Act (ACA) issue when Congress gets back in early September. One is bipartisan, the other two are Republican-only. They are all narrower than the now-defeated ACA repeal-and-replace measures considered earlier this summer, and so far none appears to have won enough support to pass Congress. The proposals are:   Block grant Medicaid funding plus some extra money to the States to let States deal with ACA repeal/replace (all heal...

House Committees Approve Legislation to End the Fiduciary Rule

August 15, 2017

On July 19, the House Education & the Workforce Committee approved a bill that would repeal the Department of Labor’s (DOL’s) fiduciary rule. The bill, the Affordable Retirement Advice for Savers Act, is now ready for House action when Congress returns to Washington after Labor Day. The judiciary rule could also be blocked via an appropriations bill rider, or repealed in a bill emerging from the House Financial Services Committee.   The bill, H.R. 2823 , would impose a best interest of t...