National Association of Insurance and Financial Advisors

GovUpdate: Congress Approves Budget-Debt Limit Legislation

October 30, 2015

Issue: Bill Averts U.S. Debt Default, Tees Up Government Funding Bill; Punts Fiduciary Policy Rider Resolution for Six Weeks Date: October 30, 2015   Action Taken : Both the House and Senate have approved a fiscal year (FY) 2016 budget agreement that will allow both funding of the government by December 11 and necessary government borrowing to avert the default that would have occurred on November 3 had this measure not passed. President Obama said he will sign it into law.   Backg...

House Leadership Turmoil Could Impact Fall Agenda, Key NAIFA Issues

October 15, 2015

The September 25 resignation of Speaker of the House Rep. John Boehner (R-OH) and subsequent October 8 withdrawal from the race to replace him by Majority Leader Rep. Kevin McCarthy (R-CA) has not only roiled the House GOP Conference, but also thrown into disarray Congress’ fall agenda. Tax, fiduciary and Affordable Care Act (ACA) initiatives are among the issues that could fall victim to the uncertainty surrounding the House leadership situation.   Rep. McCarthy had been widely viewed as...

House Financial Services Committee Approves Wagner Bill to Stop DOL Action on Fiduciary

October 15, 2015

On September 30, by a vote of 34 to 25, the House Financial Services Committee approved H.R.1090, the Wagner bill, which would stop DOL action on its fiduciary proposal until after the SEC acts. H.R.1090. authored by Rep. Ann Wagner (R-MO), would stop the Department of Labor (DOL) from finalizing its proposed fiduciary rule until after the Securities and Exchange Commission (SEC) offers its standard of care for securities advice/sales.   On September 29, SEC chair Mary Jo White said her a...

President Signs into Law a Bill Setting ACA Small Groups at 50 or Fewer

October 15, 2015

The President has signed into law a rare ACA-modification bill, one that would repeal the ACA’s provision that would have set the definition of “small group” at up to 100 employees in 2016. The NAIFA-supported Protecting Affordable Coverage for Employees (PACE) Act, H.R.1624, was signed into law October 8. The House passed it on a voice vote on September 28; the Senate approved it by unanimous consent on October 1.   The PACE Act also gives States authority to adjust the size of the small...

Senate Committee Readies Package of Regulatory Reform Bills for Floor Vote

October 15, 2015

On October 7, the Senate Homeland Security and Governmental Affairs Committee approved a package of bills that would reform agencies’ rulemaking processes. The bills include: S. 1818,  the Principled Rulemaking Act, which would require agencies to publish an advance notice of proposed rulemaking at least 90 days before moving forward on any major new rule. S.1820, the Early Participation in Regulations Act, which would codify existing executive orders that require that agencies pro...