National Association of Insurance and Financial Advisors

DOL Fiduciary Rule Reaches Final Pre-Release Step

February 16, 2016

The Department of Labor (DOL) fiduciary rule reached its final pre-release stage when it went to the Office of Management and Budget (OMB) on January 29. DOL has told interested Members of Congress, in both the House and Senate, that the rule that is now under OMB review addresses lawmaker concerns with the rule as it was proposed.   Review by OMB, the agency that must examine the bill for its potential impact on the Federal government, is the last step in the process prior to release of ...

House Committees Approve Fiduciary Legislative Alternative

February 16, 2016

Two key House committees have approved legislation that would allow Congress to affirm a final Department of Labor (DOL) fiduciary rule, or instead replace it with workable best interest standard rules. The legislation is now ready to go to the House floor for a vote. The bills are the ERISA-based H.R.4293 and the tax-based H.R.4294.   The House Education & the Workforce (EWF) Committee marked up (approved) H.R.4293 and H.R.4294, legislative alternatives to the DOL fiduciary rule, on Febr...

Key Senators Introduce Companion Fiduciary Bills

February 16, 2016

Nine Republican Senators have introduced legislation that mirrors House bills that address the Department of Labor (DOL) regulatory initiative on fiduciary rules applicable to retirement savings. The three bills would either replace the DOL rule with a new, workable best interest standard unless Congress affirms the DOL’s final rule, or halt DOL work on the issue until the Securities and Exchange Commission (SEC) acts.   All three bills were introduced on February 4. The three companion b...

House Democrat Seeks Congressional Briefing on DOL Fiduciary Rule

February 16, 2016

On February 2, a key House Democrat, Rep. Jared Polis (D-CO), wrote to Shaun Donovan, head of the Office of Management and Budget (OMB), asking that concerned lawmakers be briefed on how the Department of Labor (DOL) has changed its proposed fiduciary rule proposal. OMB is currently reviewing the DOL’s final fiduciary rule. Rep. Polis copied DOL Secretary Tom Perez on the letter.   Rep. Polis wrote, “There is no statute preventing this request, and in light of the precedent of Members of ...

Obama Budget Proposes Taxes, Pension Changes, Cadillac Tax Modification

February 16, 2016

On February 9, President Obama submitted his last budget proposal to Congress. It is a $4.1 trillion spending and revenue blueprint that has been described as his “liberal legacy.” Washington insiders are virtually unanimous in believing that it has virtually no chance for acceptance (or even being taken seriously) by the GOP-controlled Congress.   However, the proposal does have some elements that might make some of its provisions relevant. For example, the Administration claims it would...