National Association of Insurance and Financial Advisors

President Trump Orders Fiduciary Rule Review; DOL Delays Rule's Applicability Date; Court Finds for DOL

February 15, 2017

As reported in the February 3 GovUpdate , President Trump has ordered the Department of Labor (DOL) to review its fiduciary rule. A week later, on February 9, DOL sent to the Office of Management and Budget (OMB) a proposed rule that we believe will delay the rule’s April 10 applicability date, and opens a new Notice and Comment period.    Presidential Order : On February 3, President Trump issued a memo ordering DOL to reexamine the fiduciary rule in light of the Trump Administration’s...

ACA Repeal-Replace-Repair Hits Some Snags

February 15, 2017

Congress approved a budget that provides a filibuster-proof process for repealing most, but not all, of the Affordable Care Act (ACA). But the effort has hit some roadblocks as many lawmakers want a new health care system ready to put in place at essentially the same time the ACA is repealed. And there is ongoing disagreement about how to craft that new system.   Budget/Reconciliation Authority : On January 13, Congress gave final approval to its fiscal year (FY) 2017 budget resolution. ...

President Trump Issues Executive Order Aimed at Easing ACA Requirement

February 15, 2017

On January 20, President Trump signed an executive order to “minimize the economic burden” of the ACA. In one of his very first official acts after he was sworn in as the 45 th President of the United States, President Trump directed the federal bureaucracy (principally, HHS, DOL, and Treasury) to wherever possible redo regulations in a way that would lessen the economic burden of the ACA.   The executive order says, “It is the policy of my Administration to seek the prompt repeal of the...

Trump Orders Freeze on All Pending Obama Administration Regulations

February 15, 2017

On January 20, President Trump’s first day in office, White House Chief of Staff Reince Priebus sent a memo to the heads of all executive departments and agencies ordering a freeze on all pending federal regulations until the Administration has a chance to review them. This order is typical of actions taken by new presidents from a different party.    The freeze order requires the agencies to withdraw proposed regulations that have not yet been published. It also includes a directive to d...

Executive Order Requires Withdrawal of Two Regs for Each New Reg

February 15, 2017

President Trump’s January 30 Executive Order requires agencies to rescind two on-the-books regulations each time a new regulation is issued. President Trump said the order is part of his promise to reduce the number of federal regulations by up to 75 percent. He characterized the executive order as “a big one” that would be especially good for small businesses.   The executive order allows for exceptions in the case of emergencies or national security. It also: Orders the OMB to establ...