National Association of Insurance and Financial Advisors

Congress Enacts FY 18-19 Budget Bill

February 15, 2018

It took five temporary funding patches (continuing resolutions, or CRs) one three-day (January 20-22) government shutdown, and another eight-hour shuttering of the government overnight February 8, but Congress has finally come up with a plan to fund the government for fiscal year (FY) 2018—i.e., through 9/30/18. The two-year bipartisan, bicameral deal also sets the overall spending guidelines for FY 2019. The agreement includes a one-year suspension of the government’s debt ceiling (borrowing...

Treasury/IRS Promise Guidance on Pass-Through Business Tax Rules

February 15, 2018

On February 7, the Treasury Department and the Internal Revenue Service (IRS) released an updated priority guidance plan, and in it promised expeditious guidance on how to use the new pass-through business tax rules. The agencies said “they’ve heard the concerns” about the new pass-through tax rules, particularly about their complexity and how difficult they appear to be to administer. Accordingly, Treasury and IRS said, they plan to offer pass-through business tax deduction guidance “sooner ...

House Passes Senior Safe Act

February 15, 2018

On January 29, the House of Representatives approved legislation, H.R.2255, that contains the Senior Safe Act. The bill provides liability protection for financial advisors who report to the authorities when they suspect unscrupulous “advisors” are taking advantage of vulnerable seniors.   For NAIFA, enactment of the Senior Safe Act is a high priority. It will enable financial advisors to watch out for their elderly clients without fear of being sued.   Prospects : The legislation no...

Sen. Warren Spars with SEC Chair over Fiduciary Rule

February 15, 2018

At a February 6 Senate Banking Committee hearing on crypto-currency, Sen. Elizabeth Warren (D-MA), a vocal advocate for the as-written Department of Labor (DOL) fiduciary rule, sparred with Securities and Exchange Commission (SEC) Chairman Jay Clayton over the SEC’s planned fiduciary rule. Sen. Warren demanded that Clayton tell the committee whether the SEC rule would or would not weaken the “existing protections for retirement savers.”   Clayton pushed back, responding that to answer tha...

AHP Hearing Draws Support, Opposition and Clarification

February 15, 2018

On January 30, the Senate Health, Education, Labor and Pensions (HELP) Committee’s Subcommittee on Primary Health and Retirement Security held a hearing to consider the ramifications of the Department of Labor’s (DOL’s) proposed new association health plan (AHP) regulation. Some witnesses supported the proposed reg; others opposed it. One witness clarified the reg’s real-world “meaning” in a way that Subcommittee members said was helpful to them as they consider whether to support the propose...