On March 25, the Senate Budget Committee held a hearing on Social Security solvency in light of projections that the trust funds that pay the program’s benefits will run dry within 10 years. The sooner corrective action is taken, the less painful those solutions will be, said witnesses and committee members alike.

Twelve Democratic Senators, led by Finance Committee Ranking Member Sen. Ron Wyden (D-OR), are developing a health reform plan for next year. The goal, say the Senators, is to reform the rules applicable to health insurers to, among other things, rein in out-of-pocket costs, ease barriers like prior authorization, and revise the medical loss ratio standard. The Senators say these reforms are necessary to make health insurance more accessible and more affordable for Americans.

Republican and Democratic Senators and House Members are calling for a fiscal commission to recommend solutions to the problem of skyrocketing federal debt and deficit. The proposed commission would include 16 members chosen by Congressional leadership – 12 lawmakers along with four outside experts. Its mission would be to recommend policies to stabilize the national debt at 100 percent of the economy by 2039 and achieve 75-year solvency for the federal trust funds. Recommendations receiving a majority vote by the commission, including two votes from each party, would receive expedited consideration in the Senate and House.

Lawmakers are staring down what to do in the pre-election months remaining in 2026. Among the possibilities is an all-GOP budget bill that could include new tax cuts and/or revenue-raising tax hikes. A new retirement program and a possible change to capital gains tax rules might be among them.

On March 6, Treasury and the Internal Revenue Service (IRS) released proposed regulations (IR-2026-31) on the section 530A, also known as Trump Accounts for Children Pilot Program. The proposed regs focus on eligibility and on payments from the government into the accounts. More proposed regs on other related issues are expected in the near term.

NAIFA is working with the Treasury Department on ways to promote elections to create the section 530A/Trump Accounts for Children through the assistance of financial professionals.

On February 24^, NAIFA President Christopher Gandy, along with NAIFA’s Government Relations team, met with Treasury staff to discuss the implementation and rollout of the Trump Accounts, newly established tax-deferred investment accounts for children under age 18, created in the tax law enacted last summer.

President Trump used his February 24 State of the Union (SOTU) speech to lay out his view of his accomplishments in 2025. There was little in the way of his vision for 2026.

Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D- CA) have introduced a bicameral bill that would impose a five percent tax on billionaires' wealth.

On March 2, one of the Senate's leading progressives, Sen. Bernie Sanders (I-VT), introduced a new wealth tax bill that would collect, he said, $4.4 trillion from the nation's almost 1,000 billionaires. The bill would allocate the revenue raised to social purposes like subsidizing the cost of health care/insurance.

In his State of the Union speech on Feb. 24, President Trump called for an as yet undefined new retirement savings program for those whose employers do not offer an employer-sponsored retirement savings plan. He did not get into details, and Hill knowledge of his plan is extremely limited. However, speculation (some at least somewhat informed but some just guesses) is rampant.

Two Senate Committee chairs wrote to Treasury to tell them to cut capital gains tax liability by adjusting calculations of basis to account for inflation. The two Senators argue that it is unfair to include gains due to inflation in the calculation of taxable gain. They also noted that adjusting capital asset basis to reflect gain due to inflation would help with the GOP priority of making housing more affordable.

NAIFA joined a trade association coalition in sending a letter to House Majority Leader Steve Scalise (R-LA) urging Congress to pass legislation to strengthen the Regulatory Flexibility Act (RFA) to reduce the impact of burdensome regulations on small businesses. NAIFA further urges Congress to enact long-term solutions during the 119th Congress that reduce regulatory compliance burdens and red tape for small businesses.

Treasury Secretary Scott Bessent delivered remarks at the Financial Literacy and Education Commission, which he chairs, stating his desire “to improve financial literacy and education for all Americans in partnership with private and non-profit sector partners.”

“I have long believed that financial education is most powerful when it is lived, not just taught,” he said, echoing sentiments recently expressed by NAIFA President Christopher Gandy. In an InsuranceNewsNet column, Gandy wrote:

On February 26, 2026, the U.S. Department of Labor released its newly proposed independent contractor rule to determine whether workers are employees or independent contractors under the Fair Labor Standards Act.

On February 3, the House approved the Senate-passed (by a vote of 71 to 29) government funding minibus, S.7148. The House vote was 217 to 214. The process was full of drama and there still remain knotty immigration enforcement issues to work out by February 13. But with the exception of the Department of Homeland Security (DHS), the federal government is now fully funded through September 30, 2026.

President Trump and Congressional Republicans have offered templates for a broad health reform bill. The proposals do not reinstate the expired enhancements to Affordable Care Act (ACA) premium tax credits (PTCs).

On Jan. 26, NAIFA submitted comments on the Centers for Medicare and Medicaid Services’ (CMS’s) “Contract Year 2027 Policy and Technical Changes to the Medicare Advantage Program, Medicare Prescription Drug Benefit Program, and Medicare Cost Plan Program.” NAIFA generally supports the proposed rule but offers suggestions for improvement.

Last month the House approved a bill that bans the use of environmental, social, and governance (ESG) factors in selecting investment choices in retirement plans. HR2988, the Protecting Prudent Investment of Retirement Savings Act, would bar401(k) and pension fund managers from considering ESG factors in making investment decisions.

On Feb. 3, the House Education & the Workforce Committee’s Subcommittee on Health, Employment, Labor, and Pensions held a hearing to explore issues surrounding the readiness of American companies and workers to compete and succeed in an economy driven by artificial intelligence (AI). The issues examined focused on worker protections.

In Notice 2026-9, the Internal Revenue Service (IRS) announced an extension of the deadline for required plan amendments needed due to provisions enacted into law in SECURE 2.0. The new December 31, 2027, deadline covers needed amendments to SEPs, SIMPLE IRAs, and IRAs. The old deadline was at the end of 2026.

On January 14, the Internal Revenue Service (IRS) issued interim guidance on the new depreciable property deductions enacted in last year’s tax and spending cuts law. The guidance is in Notice 2026-11.