Results for "legislation"

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House Democrats call on SEC to strengthen Regulation Best Interest

March 14, 2019

House Democrats are calling on the Securities and Exchange Commission to strengthen its investment advice reform proposal. In the first hearing about the measure since the party took over the House in last year's elections, Rep. Carolyn Maloney,...

Opponents of Maryland fiduciary bill tell lawmakers to wait on SEC

March 13, 2019

Opponents of a Maryland bill that would raise investment advice standards for the state's brokers and insurance agents told lawmakers Wednesday to wait for the Securities and Exchange Commission to go first on advice reform. But a supporter...

Capital gains increase at heart of Democrats' tax-the-rich plans

March 12, 2019

Bill Gates, Elizabeth Warren and Bernie Sanders all want the rich to pay more taxes, but Mr. Gates is saying what the Democratic candidates appear to be thinking: Go for the capital gains rate. Mr. Gates, the billionaire co-founder of Microsoft...

When clients work past 70, RMDs are still required — and begrudged

March 8, 2019

When Ron Strobel was an investment adviser in Seattle, many of his clients were Boeing engineers. They loved their jobs and wanted to keep working as long as they could. But when they reached age 70½, they had to take required minimum distributions...

SALT stays: Limit on deduction for state and local taxes isn't going anywhere

March 8, 2019

Politicians from New York, New Jersey and other high-tax states may be making a lot of noise, but the new $10,000 cap on deductions for state and local taxes, or SALT, isn't going anywhere any time soon. Some 30 Democratic members of Congress,...

Scrutiny of stock buybacks intensifies as Democrat threatens bill

March 6, 2019

Buybacks faced fresh political furor Wednesday with Democratic Sen. Chris Van Hollen threatening to propose legislation that could make it more difficult for executives to sell shares after corporations announce they are repurchasing stock....

NASAA distances itself from state fiduciary efforts, wants Reg BI to succeed

March 5, 2019

State regulators are putting some distance between themselves and state lawmakers pushing for state-level investment advice reform regulations. Legislative and regulatory efforts are underway in Nevada, New Jersey and Maryland to raise the broker...

Wall Street levy gains steam among Democrats

March 5, 2019

Watch out, Wall Street. Democrats, who have so far focused on plans to tax the super-rich, are turning their sights to capital markets. Expect to hear a lot about financial transaction taxes. These are small levies on stock and bond trades meant...

FSI's top advocacy priorities for 2019

March 5, 2019

As the Financial Services Institute celebrates 15 years of advocating on behalf of independent firms and advisers across the country, we are very pleased that our voice in Washington, D.C., and the states has continued to grow in influence —...

Financial advisers take issue with Democratic plans to tax the rich

March 5, 2019

As Democratic contenders line up for a chance to take on President Donald J. Trump in the 2020 presidential election, the increasingly populist tone of calls to tax the rich is not lost on the financial planning community. "Those moving further...

Key Senate Democrat raises concerns about SEC advice reform proposal

February 28, 2019

A key Senate Democrat raised concerns about the Securities and Exchange Commission's investment advice reform proposal Thursday, signaling the party will resist the measure as the agency tries to settle on a final rule. Sen. Sherrod Brown, D-Ohio...

New Jersey poised to create auto-IRA program

February 28, 2019

New Jersey is poised to become the latest state to establish a so-called auto-IRA program to help residents save for retirement. New Jersey's state Assembly passed a bill this week that would create the New Jersey Secure Choice Savings Program,...

Democrats offer `Medicare for All' bill to transform health care

February 27, 2019

A leader of House Democrats' progressive wing introduced "Medicare for all" legislation Wednesday that would replace almost all private health insurance, an idea that's galvanizing the party's liberal base and winning endorsements from many...

CFP Board chief executive Kevin Keller joins $1 million compensation ranks

February 27, 2019

The head of the organization that grants the certified financial planner credential has joined a couple other financial industry trade group executives in earning a seven-figure compensation. Kevin Keller, chief executive of the Certified Financial...

Again, SIFMA spent most money in financial services industry lobbying lawmakers

February 21, 2019

SIFMA, the trade association representing major brokerage firms, spent more money lobbying lawmakers last year than Goldman Sachs, Fidelity Investments, Vanguard Group and other top financial services firms. The Securities Industry and Financial...

The AMT is no longer a problem for many clients

February 19, 2019

The alternative minimum tax used to plague many clients of financial advisers, but the AMT has lost much of its bite due to tax reform. "No one's really paying it this year," said Jamie Hopkins, director of retirement research and vice president...

Advisers defend active investment management on Capitol Hill

February 15, 2019

Advocates for active investment management are lobbying lawmakers to ensure they don't lean toward passive products as the default investment in retirement savings legislation and other bills. Index investing, which was highlighted in the now-defunct...

Rubio wants to curb stock buybacks encouraged by 2017 tax law

February 13, 2019

Sen. Marco Rubio is taking on the GOP's 2017 tax law by arguing that it's encouraging companies' rush to buy back stock, hurting the economy. The Florida Republican, as chairman of the Senate Committee on Small Business and Entrepreneurship,...

Bills would allow employers to help workers pay off student debt, tax-free

February 13, 2019

Bipartisan Senate legislation would provide favorable tax treatment to encourage employers to help their workers pay off student loan debt. Under the bill, the Employer Participation in Repayment Act, companies could contribute up to $5,250...

Limited deduction rubs SALT into taxpayer wounds

February 8, 2019

Financial advisers and accountants for people who live in high-tax states will be delivering a difficult message over the next few weeks: You'll pay more in taxes. The reason for the increase is a limit on the deduction for state and local taxes...

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