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GOP bill to kill SEC proposal on advisor AI conflicts faces obstacles
It’s more likely the GOP will make a point about their frustrations with the SEC than actually get the bill through the Democratic-controlled Senate.
Most Democrats support DOL advice proposal in House hearing
'We ought to require the best interests of the investor to be protected and we’ve got some loopholes to fill,' says top Democrat on the panel.
Industry, investor advocates square off in comment letters about DOL advice rule
Battle lines drawn again as trade associations call on DOL to withdraw proposal, while proponents say measure fills a regulatory gap.
Insurance industry seeks carve out from Massachusetts ‘junk fees’ proposal
Separately, Empower joins industry chorus calls on DOL to withdraw its retirement security proposal.
DOL proposal starts where Reg BI stops
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
Provisions to kill DOL fiduciary proposal add to uncertainty
The Department of Labor stopped another financial industry attempt to slow the measure by declining to extend the public comment deadline of Jan. 2.
Biden criticizes advisors who prioritize their pay over clients’ returns
'I just want you to know we're watching,' President Biden warns advisors who put their own interests above needs of clients.
Trying to halt the SEC
A wide range of financial industry groups are urging the agency to withdraw its most controversial proposals, but even the most reviled likely will avoid major changes.
Don’t say ‘fiduciary rule’; DOL terms next attempt a ‘retirement security’ reg
'We are trying to protect retirement savers,' says DOL assistant secretary Lisa Gomez. 'This is a new approach. Stay tuned.'
Bill allowing more types of annuities in retirement plans tops IRI’s lobbying agenda
The Insured Retirement Institute is hoping Congress has an appetite for more retirement savings legislation following the SECURE Act and SECURE 2.0.
Gary Gensler has his game face on
With cheerleaders on the left and critics on the right, the chair of the Securities and Exchange Commission stays focused on what matters.
Insured Retirement Institute seeks to build on SECURE 2.0 wins
The annuity sector trade association is advocating for legislation that would mandate retirement plans for small employers that don't have them, as well as bills that would increase the use of annuities.
Bipartisan retirement savings bill foreshadows post-SECURE 2.0 debate
Senate and House members introduce a measure that would establish retirement accounts for low- and middle-income workers not covered by an employer plan.
Senate approves bill to streamline regulatory paperwork for index-linked annuities
Supporters say the measure will help consumers grasp the product, a kind of variable annuity touted for its downside protection and used in retirement savings.
Another Senate committee unanimously passes retirement savings legislation
The bill would raise the RMD age from 72 to 75, increase catch-up contributions and allow retirement plan matches for student loan payments. It will be combined with another recently advanced Senate measure.
Policy trumps democracy for most lobbyists ahead of midterms
Many trade groups representing financial advisers have donated to at least one lawmaker who objected to certifying the 2020 presidential election.
DOL continues to have qualms about Fidelity’s crypto 401(k) product
DOL acting assistant secretary Ali Khawar isn't reassured by the consumer safeguards included in Fidelity's Bitcoin offering for retirement plans.
Momentum continues for SECURE 2.0 legislation
Measures that would build on the SECURE Act's efforts to improve retirement security could run into trouble if consumer advocates zero in on annuity reform.
Annuity sales in 2021 hit highest level since 2008
One of the best-performing products last year was registered index linked annuities, which are touted for use in volatile markets.
Retirement savings legislation continues to percolate on Capitol Hill
Among the provisions of a draft bill are one that would improve fee disclosures in defined-contribution plans and another that would allow annuities as qualified investment default alternatives in plans.
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