National Association of Insurance and Financial Advisors

GovUpdate: Senate Leadership Unveils ACA Repeal and Replace Legislation

June 23, 2017

Action Taken :  On June 22, the Senate Republican leadership released a draft of their legislation called the Better Care Reconciliation Act of 2017 (BCRA) which is designed to repeal and replace the Affordable Care Act (ACA). The BCRA is the Senate’s version of the American Health Care Act which passed the House of Representatives on May 4 th .   A comparison of the ACA, AHCA, and BCRA is available here .  The BCRA repeals some major provisions of the ACA yet also preserves or modif...

Expect More Regulatory, Legislative Activity on the Fiduciary Rule

June 15, 2017

The June 9 fiduciary rule applicability date has come and gone, but neither Congress nor the agencies—Department of Labor (DOL) and Securities and Exchange Commission (SEC)—have yet put the fiduciary rule issue to rest. DOL is asking for more information with an eye to changing the rule. The SEC has announced its intention to seek comment on whether that agency should act on the fiduciary issue. And both House and Senate Republicans have introduced bills to repeal the current rule and impose ...

DOL, SEC Request Information to Justify Change to Fiduciary Rules

June 15, 2017

The Department of Labor (DOL) and Securities and Exchange Commission (SEC) are both planning to request comments and data on issues relating to changing the rules about the standard of care applicable to financial advisors giving advice to investors. These standard of care issues are at the heart of whether to confirm or change the current DOL fiduciary rule.   On June 6, DOL sent to the Office of Management and Budget (OMB) a request for information (RFI) that will be a prelude to the ag...

Bills to Repeal and then Change the Fiduciary Rule Introduced

June 15, 2017

Legislation to repeal the Department of Labor’s (DOL’s) fiduciary rule, and to impose on financial advisors a new best interest of the client standard of care, has been introduced in both the House and Senate. The Republican-only bills were dropped on June 8 in the House by Reps. Phil Roe (R-TN) and Peter Roskam (R-IL); and in the Senate by Sens. Johnny Isakson (R-GA), Lamar Alexander (R-TN), Mike Enzi (R-WY), Orrin Hatch (R-UT), Pat Roberts (R-KS), Tim Scott (R-SC), and Todd Young (R-IN). Al...

ACA Repeal-and-Replace Lurches through Senate Process

June 15, 2017

Senate Republicans’ ongoing effort to repeal and replace the Affordable Care Act (ACA) is riding a familiar legislative roller coaster. Pessimism and optimism are taking turns as the ascendant emotion as the Senate moves towards a June vote—which may or may not result in an approved bill—on the still-not-finished Senate version of an ACA repeal-and-replace bill.   Currently, the effort is spearheaded by a group of 13 Republican Senators (to date, Democrats are united in opposing any effor...