National Association of Insurance and Financial Advisors

Senate GOP Struggles with ACA Repeal-and-Replace Legislation

July 18, 2017

On July 17, Senate Leader McConnell (R-KY) announced that the Senate would vote for an ACA repeal with a two-year delay to provide for a stable transition period to a patient-centered healthcare system. The announcement was made shortly after Senators Moran (R-KS) and Lee (R-UT) announced they would not vote in support of the Better Care Reconciliation Act (BCRA).   Deep divisions among Senate Republicans have made it difficult for Senate GOP leadership to put together an Affordable Care ...

DOL, SEC Request Information to Justify Change to Fiduciary Rules

July 18, 2017

On June 29, the Department of Labor (DOL) released a Request for Information (RFI) seeking comments on potential changes to its fiduciary rule, and on whether the elements of the rule that have not yet taken effect should be delayed beyond the current January 1, 2018 effective date. The the new definition of who is a fiduciary advisor, as well as  imposition of impartial standards of conduct took effect June 9, 2017. Remaining provisions of the rule, including full compliance with the Best In...

DOL Requests Information, Comments on Changing White Collar OT Rule

July 18, 2017

The Department of Labor (DOL) has sent a formal request for information (RFI) on the Fair Labor Standards Act’s (FLSA’s) white collar exemption to overtime (OT) rules to the Office of Management and Budget (OMB), the last step prior to issuing it publicly. The RFI reportedly seeks comments on how to change the now-blocked-by-the-courts white collar exemption to the FLSA OT rules for professional, executive and administrative workers.   As written last year, the new FLSA white collar exemp...

President’s Chief Economic Advisor Promises Tax Reform in September

July 18, 2017

A fundamental tax reform plan that reduces tax rates and jumpstarts economic growth will be ready for Congressional action by September, said Gary Cohn, President Trump’s chief economic advisor. Cohn made these comments during a June 20 meeting at the White House with technology and telecom trade association executives. Treasury Secretary Steve Mnuchin was also at the meeting and also expressed confidence that tax reform would happen this year.   Cohn said that he and Mnuchin are working ...

SEC Investor Advocate Advises Caution in Considering Fiduciary Standard Changes

July 18, 2017

On June 29, the Securities and Exchange Commission’s (SEC’s) Office of the Investor Advocate issued a report that, among other things, cautions the agency to “tread carefully” as it considers extending the fiduciary standard of care to broker-dealers. The comments on the fiduciary issue were in the report on objectives for the 2018 fiscal year.   The investor advocate report said a “bona fide” fiduciary duty imposed on broker-dealers could benefit investors, but cautioned that conflicting...