Advocacy in action blog

An important tax deduction for many individual- and family-owned businesses –  Section 199A of the Tax Cuts and Jobs Act – is set to expire in just two years. NAIFA strongly supports legislation sponsored by Senator Steve Daines (R-MT) that would make permanent the 20% deduction for pass-through businesses.

NAIFA will host the 10^th annual Congressional Conference May 22-23 in Washington, D.C. The event will feature targeted advocacy training with briefings on legislative issues that affect members’ businesses and the clients they serve. Expert presenters will offer best practices for conducting Congressional meetings and tips for developing impactful long-term relationships with legislators.

NAIFA strongly supports efforts to prevent the financial exploitation of seniors and vulnerable adults. As trusted and licensed insurance and financial professionals who abide by a Code of Ethics and work in the best interests of their clients, NAIFA members are often ideally positioned to recognize and help prevent financial abuse and exploitation.

Last month, NAIFA-NC signed up 10 new contributors to NAIFA's political action committee, IFAPAC, in one day. Congratulations to these individuals who joined the ranks of NAIFA members working together to advocate for the individuals, families, and small businesses that make up Main Street USA, and a special thank you to NAIFA-NC IFAPAC Chair Elie Aharon, LACP, LUTCF.

NAIFA applauds the leadership of Representatives Young Kim (R-CA) and Joyce Beatty (D-OH) on the relaunch of the Congressional Financial Literacy and Wealth Creation Caucus for the 118th Congress. The Congresswomen are an excellent duo to co-chair this bipartisan group of legislators committed to empowering Americans with the tools needed to build wealth and achieve financial stability.

NAIFA is celebrating a major legislative win out of Idaho. On March 20, 2023, Idaho Governor Brad Little signed H. 92 into law, making Idaho the 18^th state to adopt financial literacy coursework as a requirement for high school graduation. The bill passed the Idaho House of Representatives 67-0-3 and the Idaho Senate 34-0-1.

Tennessee House Bill 1173 would have permitted funeral directors in some cases to obtain life insurance information – including the names of beneficiaries and policy benefits amounts – from insurance companies or agents. However, thanks to quick action by NAIFA-TN's grassroots and advocacy team, the House Insurance Subcommittee defeated the bill.

NAIFA's California chapter is holding its annual Legislative Day in Sacramento on March 29. The event will feature visits with lawmakers by NAIFA-CA members, during which they will discuss SB 263, a legislative proposal that in its current form would harm the ability of insurance agents and brokers to serve the public. 

Congress, with strong bipartisan support, passed the National Association of Registered Agents and Brokers Reform Act more than eight years ago. The law would significantly streamline the process for insurance agents and brokers to be licensed in more than one state. This would obviously benefit producers by reducing red tape and regulatory costs, but it would also be a boon to consumers by promoting choice and fostering economic growth.

NAIFA is the only association for insurance and financial professionals with a strong political advocacy presence in Washington, D.C., and every state capital. Around the country, 32 NAIFA state chapters are holding Legislative Days during the first quarter of 2023.