Advocacy in action blog

The on-again, off-again Corporate Transparency Act (CTA), which requires upwards of 32 million U.S. businesses to submit beneficial ownership information (BOI) reports to the U.S. Treasury Department, is back on with a filing deadline of March 21. A February 18 U.S. District Court decision lifted an earlier injunction that had paused enforcement of the BOI reporting requirement. Generally, the legislation exempts securities brokers or dealers, licensed insurance producers, public accounting firms, and several other types of companies, but many of the business owner clients of NAIFA members are subject to the CTA.

Resolutions passed by the Texas House of Representatives (HR 215) and Senate (SR 76) celebrate the 100-year anniversary of NAIFA’s Texas chapter. The Senate resolution was sponsored by Senator Bryan Hughes and the House resolution by Representative Ryan Guillen.

NAIFA members are the most potent grassroots advocacy force in the insurance and financial service industry. One thing could make us even more influential: Adding your voice. If you have never attended NAIFA's Congressional Conference, 2025 is a great time to give it a shot.

In today’s ever-changing regulatory landscape, financial professionals face a growing number of legislative and policy challenges that can directly impact their ability to serve clients and sustain their businesses. Many of these challenges come from well-intended but often misguided attempts to regulate the industry in ways that could limit consumer access to financial guidance, increase operational burdens, or even threaten advisors' ability to earn a living.

At NAIFA, our mission is clear: We are the voice of the financial professional in Washington, D.C., and in state capitals across the country. We are here to ensure that laws and regulations support—not hinder—your ability to provide the essential services that individuals, families, and businesses rely on every day.

Why Advocacy Matters

Without a strong, unified advocacy effort, financial professionals could face serious obstacles that disrupt their business models. Consider some of the critical battles NAIFA has fought on behalf of the industry:

Participate and make a difference! Come to Washington, D.C., May 19-20, for the 2025 Congressional Conference, NAIFA's signature advocacy event!

Senator Steve Daines (R-MT), Majority Leader John Thune (R-SD), and 33 Republican Senators have introduced the Main Street Tax Certainty Act, a bill that would make the 20% pass-through business tax deduction permanent. Representative Lloyd Smucker (R-PA) has introduced companion legislation in the House, which is co-sponsored by 153 Representatives. The deduction is currently set to expire with many provisions of the Tax Cuts and Jobs Act at the end of this year. 

Confusion over the status of the Corporate Transparency Act (CTA) is causing hardship for businesses across the country. The legislation, passed in 2021, requires an estimated 32.5 million businesses to file paperwork providing sensitive information about ownership with a division of the U.S. Department of Treasury by January 1, 2025. Under the law, companies that fail to comply would face fines of up to $590 per day. A federal court has issued a preliminary injunction that prevents the Treasury from enforcing the reporting requirements, but that decision is under appeal.

This issue is important to NAIFA because many NAIFA members are business owners or provide financial services for small business clients, even if the CTA does exempt securities brokers or dealers, licensed insurance producers, public accounting firms, and several other types of companies. NAIFA has joined a group of trade organizations supporting legislation that would delay enforcement of the reporting requirements by one year even if the court’s preliminary injunction is lifted. In a letter to Congressional leadership, NAIFA and the other organizations strongly urge lawmakers to include language delaying the CTA requirements in a continuing resolution (CR) that would fund the government into the new year. Doing so would remove a great deal of uncertainty for American businesses.

The larger funding CR is currently hung up in Congress due to disputes over issues unrelated to the CTA funding provision. 

NAIFA CEO Kevin Mayeux sat down with Senior Director for Government Relations Michael Hedge to discuss some ways the incoming administration could change the regulatory landscape surrounding Medicare and how this could present opportunities for NAIFA to get involved. Insurance professionals are crucial to helping consumers navigate the complicated Medicare plans and NAIFA is dedicated to keeping agents involved and ensuring they are properly compensated.

On behalf of the entire NAIFA family, I am pleased to congratulate NAIFA’s Senior Vice President for Government Relations Diane Boyle, who has been recognized as a Top Association Lobbyist for 2024 by The Hill, a prestigious newspaper covering federal politics. 

NAIFA tells CMS that compensation cuts may ‘run afoul’ of existing federal regulations