Retirement plans not targets of proposed panel, Frank says

Retirement plans not targets of proposed panel, Frank says
Concerns that a new consumer watchdog agency proposed by the Obama administration could play a role in overseeing retirement plan products are unfounded, Rep. Barney Frank, D-Mass., said today at a press conference on Capitol Hill.
JUL 22, 2009
Mr. Frank, chairman of the House Financial Services Committee, said legislation pending before his committee to create the Consumer Financial Protection Agency would not affect products — such as mutual funds — already regulated by the SEC. “This (the CFPA legislation) does not affect Securities and Exchange Commission jurisdiction,” Mr. Frank said. He also said the CFPA would not play a role in regulating 401(k) plans or annuities. In July 17 testimony before Mr. Frank's committee, Paul Schott Stevens, president and CEO of the mutual fund industry's Investment Company Institute, asked that lawmakers ensure the new agency have no regulatory authority over mutual funds or retirement plans.

Latest News

Citigroup continues strategic investment banking talent raid on JPMorgan
Citigroup continues strategic investment banking talent raid on JPMorgan

Since Vis Raghavan took over the reins last year, several have jumped ship.

Slow is smooth, smooth is fast
Slow is smooth, smooth is fast

Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.

Edward Jones layoffs about to hit employees, home office staff
Edward Jones layoffs about to hit employees, home office staff

It is not clear how many employees will be affected, but none of the private partnership's 20,000 financial advisors will see their jobs at risk.

CFP Board hails record July exam turnout with 3,214 test-takers
CFP Board hails record July exam turnout with 3,214 test-takers

The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.

Founder of water vending machine company, portfolio manager, charged in $275M Ponzi scheme
Founder of water vending machine company, portfolio manager, charged in $275M Ponzi scheme

"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.

SPONSORED Delivering family office services critical to advisor success

Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success

SPONSORED Passing on more than wealth: why purpose should be part of every estate plan

Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning