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In remarks prepared for a House hearing Thursday, Gary Gensler shines a spotlight on online brokerages and market makers that dominate the business of executing retail investors' equity orders.
The bill, which advances to the House floor with a strong bipartisan push, would raise the RMD age from 72 to 75, among many other provisions.
The bill, which builds on the SECURE Act, would raise the required minimum distribution age from 72 to 75 over 10 years.
The Securities and Exchange Commission summoned the banks for hasty meetings on what triggered the forced sale of more than $20 billion of stocks linked to Hwang’s Archegos Capital Management.
Fiduciary advocates are pressing the Securities and Exchange Commission to overhaul the measure. FSI and other industry groups will lobby to keep it intact.
In addition changing Reg BI's nomenclature, the Institute for the Fiduciary Standard called for eliminating some broker conflicts of interest, such as compensation incentives for product sales, revising the disclosure Form CRS and clarifying that investment advisers must avoid conflicts of interest rather than just disclosing them.
An evenly divided Senate might tweak rather than overhaul investment-advice policy, such as the treatment of rollovers, while resisting some tax increases Biden advocated during the election.
The measure follows legislation that would let nonprofits participate in pooled employer plans
Sen. Richard Neal, D-Mass., criticized the measure for not including an assumption that 401(k) balances appreciate
Michigan Democrat Andy Levin plans to introduce two bills in the House addressing ESG
Registration for pooled plan providers begins later this month, but some companies are already announcing their plans
Pooled plan providers will be able to register beginning later this month and launch plans at the beginning of the new year
It appears unlikely a Biden administration would be able to overturn the rule
There's a sense of relief that the extremes of both parties would be tamped down by a Biden presidency and a Republican Senate
COVID-19 could lead more workers to take money out of retirement accounts, according to a survey from Edelman Financial Engines
Stocks pared their losses during the afternoon as the biggest tech companies recovered
Oregon, Illinois and others are backing California in a legal attack on the state's auto-IRA system, while the Trump administration has taken the opposite side
Only the top 40% of near-retirement 401(k) participants by income have enough saved for retirement
At least three cases were filed recently against providers of multiple employer plans, and two other cases have been settled
Numerous other state auto-IRA programs are in development, and the plans should be thinking about drawdown strategies, a report suggests
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