National Association of Insurance and Financial Advisors

President Vetoes Congressional Motion to Disapprove Fiduciary Rule

June 15, 2016

As anticipated, on June 8 President Obama vetoed Congress’ attempt to block the DOL fiduciary rule. Congress may seek to override the veto, but it is virtually certain any such attempt would fail in both the House and Senate.   The Congressional motion to disapprove the rule came under the auspices of the Congressional Review Act (CRA), a law that allows Congress to block (kill) a rulemaking it does not like. However, the CRA requires the President to either sign the CRA motion into law o...

Five Lawsuits Challenging the DOL Fiduciary Rule Are Filed

June 15, 2016

Five separate lawsuits—three in federal district court in Texas, one in federal district court in Kansas, and one in the District of Columbia federal district court—have been filed to challenge the Department of Labor (DOL) fiduciary rule. NAIFA/American Council of Life Insurers (ACLI); the National Association of Fixed Annuities (NAFA); Indexed Annuity Leadership Council and several insurers; Market Synergy (a new annuity-focused company that works with insurers to develop and distribute spe...

House GOP Recommends Fiduciary Rule Repeal in Its 2017 Agenda

June 15, 2016

House Republicans have begun rolling out the reports of their six task forces that will form what they hope will be the GOP agenda for 2017. The first report, from the anti-poverty task force, includes several retirement issue recommendations, including repeal of the Department of Labor (DOL) fiduciary rule.   The anti-poverty task force report came out on June 7. It also recommends expansion of access to multiple employer pension plans, and simplification of certain pension/retirement sa...

NAIFA Members from Every State Reach Nearly 90% of Congress during Congressional Conference

June 15, 2016

NAIFA’s May 24-25 Congressional Conference brought financial advisors from every state to D.C. to educate Representatives, Senators and their staffs. The group shared NAIFA’s support for a “Main Street Financial Agenda” to ensure that American families can protect themselves against the risks of dying too soon, living too long, or becoming ill or disabled, and save for retirement. The group made three specific asks of Congress: Continue to support policies that encourage families and busin...

SEC Says It Will Issue Standard of Care Proposal by Spring of 2017

June 15, 2016

The Securities and Exchange Commission (SEC) has included a uniform fiduciary standard of care on its regulatory agenda, targeting the spring of 2017 as the time by which the agency will release a proposed rule to implement a harmonized standard of care for both investment advisors and broker-dealers/registered representatives. Since the enactment of the Dodd-Frank law in 2010, the SEC has been gathering information, debating and considering whether to propose a rule that would require bot...