National Association of Insurance and Financial Advisors

Congress Punts Hard Deadlines by Enacting Three-Month Extensions

September 15, 2017

Saying it will “clear the decks for tax reform,” President Trump cut a deal with Congressional Democrats to fund the government, suspend the debt limit, and extend the National Flood Insurance Program (NFIP) until December 8. Congress moved swiftly to enact the deal (which includes some $15 billion in hurricane relief), although angst, anger and controversy among House Republicans suggest trouble ahead. The vote was 80 to 17 in the Senate on September 7; 316 to 90 in the House on September 8....

DOL Announces Non-Enforcement of Arbitration Rule; Proposes Delay in Fiduciary Rule Applicability Dates

September 15, 2017

As was reported in NAIFA’s August 31 GovUpdate, the Department of Labor (DOL) proposed on August 30 an 18-month delay—to July 1, 2019—in those portions of the fiduciary rule that have not yet taken effect. The agency has also announced it will not enforce the fiduciary rule’s provision that prohibited arbitration clauses that would waive the rights of participants to join in class action litigation.   The proposal provides for a 15-day comment period. NAIFA submitted its comments in fav...

Will Congress Try Again This Month to Repeal/Replace the ACA?

September 15, 2017

After State insurance commissioners and governors pleaded with Congress, at separate Senate HELP (Health, Education, Labor and Pensions) Committee hearings on September 6 and 7, to stabilize the shaky individual health insurance market, the inter-party horse-trading has begun. Prospects remain unclear, but time is tight—there has been a ruling that an Affordable Care Act (ACA) bill that will require only a simple majority (51 votes) to pass must be done by September 30. After that, any ACA re...

President Wants Congress to Gear Up for Tax Reform in September

September 15, 2017

President Trump is encouraging Congress to enact a tax reform plan in September or at least by year-end. Tax writers want to oblige, but may have trouble with the timeline.   The President has made two campaign-style stump speeches in support of a tax initiative. And reports suggest that key Congressional and Administration negotiators have made basic decisions about what to include in a tax reform plan. Further, the President said he sided with Democrats on a short-term bill to extend go...

Senate Finance Members Express Concern to Big Six over Rothification of Retirement

September 15, 2017

Following a September 14 th Senate Finance Committee hearing on tax reform, Committee Members organized by Sen. Sherrod Brown (D-OH) and including Ranking Member Ron Wyden (D-OR), Sen. Debbie Stabenow (D-MI), Sen. Ben Cardin (D-MD), and Sen. Bob Casey (D-PA) sent a letter to the lead tax reform negotiators expressing their opposition to a plan that would shift retirement savings tax incentives from traditional pre-tax 401(k) plans to Roth accounts. Senate Republican leader Mitch McConnell ...