National Association of Insurance and Financial Advisors

House Republicans Vote to Block Fiduciary Rule

May 17, 2016

On April 28, House Republicans voted to block the now-final Department of Labor (DOL) fiduciary rule. The party-line vote was 234 to 183. The motion to disapprove—a privileged motion under the Congressional Review Act (CRA) that avoids the Senate’s 60-vote threshold rule and therefore needs only a simple majority to pass the upper chamber—now moves to the Senate. A vote there is expected shortly. The CRA gives Congress 60 days from the date a new regulation is finalized to vote on a motion to...

Speaker of the House Hints at New High Risk Pool Health Reform Proposal

May 17, 2016

Speaker of the House Rep. Paul Ryan (R-WI) hinted last month at a new health reform proposal—to move people with preexisting conditions into a separate high-risk pool . The proposal came in the context of discussing how Republicans would replace, after repealing, the Affordable Care Act (ACA).   A top GOP priority is to repeal and replace the ACA, but the mechanics of how to replace it have so far proven elusive. One of the key elements in Republicans’ struggle to offer a replacement hea...

Connecticut Narrowly Approves State-Run Retirement Program

May 17, 2016

On April 30, after a tie vote in the state Senate broken by the state’s lieutenant governor, Connecticut’s legislature approved a state-run retirement program for private sector workers. The Connecticut House approved the measure on April 26.   The new program, which passed on a mostly partisan basis (with most Democrats supporting and most Republicans opposing), takes effect in fiscal years beginning on July 1, 2017. It applies to all employers that do not offer a private retirement savi...

Senate Tax Writers Working on Dividend, Financial Products Tax Issues

May 17, 2016

In separate initiatives, Senate tax writers are working on proposals related to the tax rules governing dividends (corporate integration) and sophisticated financial products (e.g., derivatives, hedges, swaps) that are sometimes used in deferred compensation arrangements. Hearings on the corporate integration project are expected later this month. Discussion of the financial products tax proposal may also occur during those hearings.   The corporate integration project is being spearheade...

House and Senate Committees Hold Tax Reform Hearings

May 17, 2016

On April 26, the Senate Finance Committee held a hearing on business taxes. On April 13 and 14, the Ways & Means Committee held tax reform hearings, too. The April 13 hearing focused on House Members’ income-based tax reform plans, while the April 14 hearing zeroed in on tax rules related to health insurance.   Both committees are working on new tax reform plans, with action on those plans targeted for 2017. The effort will bring into play many tax issues of importance to NAIFA members, i...