Results for "legislation"

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Elizabeth Warren once wrote a personal finance book

August 30, 2019

A few years out of college, Sarah Sparkman was struggling with debt. She pored over personal finance books, but says the advice was impractical and the tone often judgmental. Then she came across Elizabeth Warren's book. First published in 2005...

Brokerage industry groups dominate campaign spending out of the gate for 2020 cycle

August 16, 2019

Brokerage and insurance groups have dominated industry political spending in the first six months of the 2020 election cycle, but all the donors are seeking to make friends on both sides of the aisle. The Investment Company Institute ($695,750),...

Regulators, legislators focus on delivering restitution to harmed investors

August 7, 2019

Bipartisan agreement on giving securities regulators more power to claw back money for harmed investors seems to be emerging on Capitol Hill, but Republicans and Democrats are split on strengthening regulators' ability to levy fines on financial...

Bills to strengthen SEC's hand seek bipartisan support

July 22, 2019

Bills that would enable the Securities and Exchange Commission to impose stronger penalties on financial rules violators and give the agency more time to ferret out wrongdoing are looking for more bipartisan support over the summer. The House...

Bail-and-switch tactics get NASD's attention

July 12, 2004

WASHINGTON - Faced with growing evidence that variable annuity replacement activity is picking up, NASD is investigating "mini replacement campaigns" by individual brokers or groups of brokers who change firms and immediately replace their books...

It's time to focus on supervision professionals' specialized needs

June 6, 2019

Many members of our industry tend to view supervision as part of compliance when, in fact, it is its own distinct function. The complex and time-consuming nature of regulation in our space means that these two crucial functions are carried out...

Hopes high for bill to ease small-firm adviser regulations

May 21, 2019

Supporters of legislation that could ease regulations on small investment advisers hope that getting an earlier start in the new Congress will help get the measure over the finish line. Earlier this month, Rep. Michael San Nicolas, D-Guam, vice...

Taking stock of the new political landscape in Washington

November 19, 2018

Votes in a number of races are still being counted, but it's already clear that the next Congress will present both challenges and opportunities for our profession. Given the slim majorities in each chamber, governing effectively on a consistent...

Building dialogue with lawmakers to advance women's careers

May 3, 2019

As our members know, the Financial Services Institute is firmly committed to championing the cause of helping more female professionals not only enter, but achieve lasting success within the financial advice industry. The formation of the House...

'Wall Street Tax Act' will land on Main Street investors

April 11, 2019

Last month, Sen. Brian Schatz, D-Hawaii, and Rep. Peter DeFazio, D-Ore., introduced the Wall Street Tax Act in the Senate and the House, respectively. The bill would level a tax of 10 basis points (or 0.1%) on the value of the securities transferred...

Wells Fargo spends big on lobbying, as pressure from Capitol Hill mounts

April 26, 2019

Wells Fargo spent more on lobbying Congress in the first quarter than any other commercial bank or investment firm. The company spent $1.2 million on lobbying in Q1, according to data from the Center for Responsive Politics. That put it second...

One adviser's journey to becoming a citizen advocate

April 18, 2018

Some of the most rewarding experiences my team and I at the Financial Services Institute encounter as advocates for our industry come when we see the proverbial "light'" click on for our adviser members and we get a front row seat as they grow...

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 —...

Illinois governor pushes to replace flat tax

April 2, 2019

Illinois Governor J.B. Pritzker is targeting the richest residents in a push to raise more revenue for his cash-strapped state. It may help that the billionaire Democrat would have to pay more taxes, too. Mr. Pritzker, an heir to the Hyatt Hotels...

Maxine Waters may raise profile of diversity, but legislating solution will be difficult

January 30, 2019

A new congressional committee devoted to increasing the number of women and people of color in the financial industry will raise the profile of the issue, but a solution is more likely to come from firms than from Washington, according to diversity...

Crapo calls for 'bipartisan, common-sense' reform of financial regulations

May 17, 2017

Reducing federal financial regulations is the top priority for the Senate Banking Committee, its leader said on Wednesday. Sen. Mike Crapo, R-Idaho and chairman of the panel, said that excessive regulation holds back the economy. "It's becoming...

Health care now moves to a slow track in Senate

May 5, 2017

Passage of the House's health-care bill gives the Obamacare repeal effort new life after months of wrangling, but key Republican senators are already pushing it aside to write their own bill with no clear timetable to act. The narrowly passed...

Senate bill aims for higher SEC enforcement penalties

March 30, 2017

The Securities and Exchange Commission could substantially increase enforcement sanctions under bipartisan legislation introduced on Thursday. The bill would allow the SEC to impose a maximum $1 million penalty on individuals per violation for...

SEC's Piwowar calls for expanding participation in private placements to help 'forgotten investor'

February 24, 2017

Acting Securities and Exchange Commissioner Michael Piwowar called for allowing ordinary investors to buy unregistered securities, a step that would allow the agency to address the "forgotten investor" who he said is often overlooked by its...

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...

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