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Recent posts by NAIFA

2 min read

FINRA Includes NAIFA Recommendations in New Maintaining Qualifications Program

By NAIFA on 11/29/21 9:45 AM

NAIFA Senior Vice President for Government Relations Diane Boyle on June 22 submitted comments to FINRA in response to Regulatory Notice 21-17, Supporting Diversity & Inclusion in the Broker-Dealer Industry. Among several recommendations, NAIFA requested the U5 filing time limit be extended from two years to five years. Given the subject matter difficulty and extensive time commitment to earning FINRA Series Registrations, the extension would allow for a broader group of advisors to maintain their credentials despite taking leaves from the industry.  

Topics: Legislative & Regulatory Licensing
2 min read

NAIFA’s Gale and Hedge Testify on Elder Financial Protection at NCOIL Meeting

By NAIFA on 11/24/21 9:04 AM

NAIFA Policy Director Maeghan Gale and Director of Government Relations Michael Hedge made a presentation on senior financial protection at the annual meeting of the National Council of Insurance Legislators (NCOIL) in Scottsdale, AZ.

Gale and Hedge discussed the important role of insurance and financial professionals in providing guidance for retired individuals. When a person retires, their need for financial services doesn’t end. NAIFA members help senior clients with budgeting and estimating their expenses, developing effective retirement plan disbursement strategies, obtaining coverage for healthcare, finding limited and extended care solutions, and creating financial legacies to leave loved ones or charities. NAIFA members have expertise in retirement planning, long-term care, estate planning, Social Security, Medicare, Medicare supplements, and other topics important to the financial security of seniors.

Topics: Interstate Advocacy Seniors
2 min read

NAIFA Trustee Wes Booker Officiates Congressional Football Game

By NAIFA on 11/12/21 4:40 PM

NAIFA Trustee, Wes Booker, LUTCF, loyal member since 2004 can be spotted all across SEC country when he is not serving his clients out of Maumalle, AR. Booker is an NCAA Football referee for the Southeastern Conference. Recently, he had the honor of serving as an official during the 12th Annual Congressional Football Game.

2 min read

Congress Passes an Infrastructure Bill, but Debate Continues Over BBB Social Spending Legislation

By NAIFA on 11/8/21 4:15 PM

The House of Representatives passed the bipartisan infrastructure bill by a vote of 228-206 with 13 Republicans voting in favor and six Democrats opposing. The vote came after an agreement amongst Democrats that the social spending bill, the Build Back Better Act, would come to the House floor the week of November 15 with no further changes (other than technical corrections). Then the BBB legislation would go to the Senate, where is will likely undergo several changes before coming back to the House for a second vote. 

Topics: Tax Federal Advocacy
1 min read

NAIFA Opposes Tax Increases for Main Street Businesses in Build Back Better Act

By NAIFA on 11/3/21 4:53 PM

NAIFA calls on Congress to reject tax hikes on Main Street businesses as the House of Representative sends the latest text of the Build Back Better Act to the Rules Committee. In a letter with other associations and business groups, NAIFA urges congressional leaders to reject the Build Back Better framework's tax increases on individual- and family-owned businesses.

Topics: Legislative & Regulatory Tax Federal Advocacy
4 min read

Build Back Better at a Boiling Point

By NAIFA on 11/1/21 1:37 PM

The Build Back Better reconciliation bill is at a boiling point. Some Washington insiders are saying the House could vote on it this week. Others are skeptical that a final bill could come together that quickly. Either way, it will take considerably longer for the Senate to vote. The rules of reconciliation allow for time-eating “vote-a-rama” amendments as well as up to 50 hours of debate, and it is highly likely opponents of the measure in the Senate will take all that time. But things are hot and getting hotter. Here’s the state of play currently.

Topics: Legislative & Regulatory Tax Federal Advocacy
1 min read

President Biden Announces Build Back Better Framework

By NAIFA on 10/28/21 1:59 PM

Thursday morning President Biden released a Build Back Better framework and fact sheet outlining his social spending plan. The situation is still very fluid and it’s unknown if the centrists who have opposed previous spending and tax plans will support this version.

Topics: Tax Federal Advocacy
1 min read

NAIFA Signs on to Letter Against Financial Accounts Reporting Proposal

By NAIFA on 10/25/21 5:20 PM

NAIFA, along with 100 business and trade associations, sent a letter to President Joe Biden expressing “strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package.”

Topics: Legislative & Regulatory Tax
1 min read

NAIFA Opposes Changes to Grantor Trusts in Legislative Proposal

By NAIFA on 10/17/21 9:15 PM

The reconciliation package now being considered by Congress includes dramatic changes to grantor trusts which are of significant concern to many NAIFA members and their clients, especially proposed changes to Irrevocable Life Insurance Trusts and the weak, ineffective “grandfather” provisions included in the reconciliation proposal. ILITs have been used for decades to help families of all sizes – not just the rich – address the expenses, income taxes, estate taxes, and gift taxes due at death. Life insurance policies inside these trusts provide the necessary liquidity to family heirs without the death proceeds themselves being included in the deceased’s taxable estate.

Topics: Legislative & Regulatory Federal Advocacy
1 min read

NAIFA Opposes IRS Reporting Proposal That Raises Cost and Privacy Concerns

By NAIFA on 10/15/21 5:45 PM

NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.

Topics: Legislative & Regulatory Federal Advocacy