National Association of Insurance and Financial Advisors

114th Congress Convenes and Starts by Enacting TRIA/NARAB

January 15, 2015

On January 6, the GOP-controlled 114th Congress convened. Among the first things the House did, on January 7, was pass H.R.26, a bill that creates the National Association of Registered Agents and Brokers (NARAB) and reauthorizes the Terrorism Risk Insurance program (TRIA). The Senate followed suit on January 8. President Obama signed the bill into law on January 12. This culminates a years-long effort by NAIFA and industry allies and starts the year with a big legislative win for NAIFA m...

House Passes Bill to Change ACA’s Definition of Full-Time Work to 40 Hours/Week

January 15, 2015

On January 8 the House of Representatives approved H.R.30, a bill to change the Affordable Care Act’s (ACA’s) definition of full-time work from 30 to 40 hours per week. The vote on the bill, introduced by Reps. Todd Young (R-IN) and Dan Lipinski (D-IL) with 147 cosponsors, was 252 to 172. Twelve Democrats joined all Republicans in approving the measure.   On January 7, Senators Susan Collins (R-ME) and Joe Donnelly (D-IN) introduced S.30, the Senate companion bill to H.R.30.   Senate ...

114th Congress’ House Rules Could Make Tax Reform Easier

January 15, 2015

The 114 th Congress’ GOP-controlled House of Representatives, on its first day in session on January 6, approved a package of rules that supporters say will make it easier to enact tax reform. The rule in question deals with how bills that have a “major impact” on the economy will be scored (i.e., estimated for revenue gains or losses).   Generally, the rule requires Congress’ official scorekeepers (Joint Committee on Tax (JCT) for tax bills and Congressional Budget Office (CBO) for spen...

Time-Sensitive Tax/Revenue Issues Could Put Some NAIFA Interests at Risk

January 15, 2015

A number of time-sensitive issues could, for offsetting revenue reasons, put some NAIFA issues at risk. These include stretch IRAs and mega-IRAs. By March, Congress must address the rate at which Medicare reimburses doctors (the “doc fix”). Also by March Congress must figure out how to fund the Highway Trust Fund. Both of these “must-do” bills will likely require new revenue.   Further, tax writers will be dealing with the need to reinstate newly-expired tax rules (the “extenders”) as soo...

GOP Congress Makes Regulatory Reform a Top Priority

January 15, 2015

In both the House and Senate, GOP leaders say regulatory reform will be a top priority this year. Republican Congressional leaders also say they will use the appropriations (spending bills) process to rein in what they call overreach by federal agencies. This would be done by use of what is called a “policy rider” to deny or control funding for an agency’s work on a target regulation/proposal.   This priority could have a significant impact on a number of issues important to NAIFA members...