Advocacy in action blog

The GUARD Financial Data Act, introduced by Rep. Bill Huizenga, Vice Chair of the House Committee on Financial Services, would create a modern data privacy framework for financial services companies to protect consumers’ personal information. NAIFA has joined the American Council of Life Insurers, American Property Casualty Insurance Association, Council of Insurance Agents and Brokers, Independent Insurance Agents and Brokers of America, and National Association of Mutual Insurance Companies to send a letter to Rep. Huizenga in support of the legislation.

Consumers trust the insurance and financial services industry to safeguard a variety of sensitive personal financial information, and the industry has responded by appropriately managing this data for decades. However, federal laws have not kept up with the evolution of data collection and usage. In many cases, states have stepped in to create a confusing patchwork of laws and regulations. 

The GUARD Act in harmony with the SECURE Data Privacy Act would “replace this patchwork with consistent, nationwide rules that provide equal protections for the confidentiality and security of consumers’ personal information,” NAIFA and our coalition partners write. The legislation would also ensure that companies and firms do not face undue barriers that would hinder their ability to serve clients. By not including a private right of action, the legislation will discourage bad-faith lawsuits and offer a consistent consumer understanding and application of privacy rights. 

As policymakers continue to address the nation’s growing retirement savings gap, an executive action seeks to expand access to retirement savings options, particularly for workers whose employers do not offer plans. The initiative includes a new federal platform, TrumpIRA.gov, aimed at helping individuals more easily connect with existing retirement savings tools and opportunities.

The U.S. Department of Labor’s proposal to rescind current guidance determining independent contractor status under the Fair Labor Standards Act will significantly benefit independent insurance agents and brokers and the consumers who rely on them for financial and risk-protection products and services. The current guidance is far too likely to misclassify independent contractors in the insurance space as employees. NAIFA supports DOL’s proposal to replace the current guidance “with guidance that is substantially similar to the guidance DOL adopted in 2021,” NAIFA President Christopher Gandy wrote in a letter to Andrew Rogers, administrator of the DOL’s Wage and Hour Division.

The Q2 State of NAIFA webinar on April 15 at 12 noon eastern will provide updates on where NAIFA stands as an association, including our advocacy focus and a policy briefing. The quarterly State of NAIFA presentations are part of our commitment to transparency. They are open to all interested parties, but they also focus on providing information to help NAIFA members get the most value from their memberships. Register today.

On April 9, the Office of Advocacy at the U.S. Small Business Administration (SBA) convened a roundtable on the Department of Labor’s proposed Independent Contractor Rule, a proposal that would rescind and replace the 2024 rule that has created uncertainty for financial professionals and small businesses alike.

Financial literacy is often framed as a simple concept: helping Americans better understand money. But in reality, financial literacy is more than knowledge; it’s the foundation of long-term financial security.

The National Association of Insurance and Financial Advisors (NAIFA) praised the release of the final Medicare Advantage and Part D rule (CMS-4212-P), which incorporates several of NAIFA’s core recommendations aimed at improving access to professional guidance while reducing unnecessary administrative burdens on agents and brokers.

The IRS has reported that parents have enrolled more than 4 million American children in 530A accounts, also known as Trump Accounts. These accounts are a new type of tax-advantaged individual retirement account for children under the age of 18. Under a pilot program, the federal government gives children born between January 1, 2025, and December 31, 2028, whose parents set up accounts in their name $1,000 in seed money. Beginning July 4, 2026, parents, relatives, friends, employers, organizations, and individuals may make contributions to the plans up to annual limits. Trump accounts create opportunities for financial professionals to start conversations with consumers and clients with children about planning for the future, boosting financial literacy, and providing their children with solid financial foundations.

NAIFA supports public policy that that promotes financial literacy, encourages Americans to prepare for their financial futures, and offers families opportunities to achieve financial security. President Christopher Gandy has spoken and written about the opportunities afforded by 530A accounts, also known as Trump Accounts. Gandy has spoken to U.S. Treasury officials about the great promise of these financial products and Treasury has asked for feedback from industry professionals. You can help us out by answering a few brief questions.

NAIFA's grassroots advocacy works because our members show up. You and your colleagues come out for events like the Congressional Conference to speak to lawmakers with a unified voice on issues important to your businesses, clients, and communities. When you lend your voice, you let the people whose decisions impact your business know that the work you are doing is vital to the financial security of families and businesses in their districts across the country.

If you are a regular Congressional Conference attendee, I look forward to seeing you again May 18-19 in Washington. I urge you to invite colleagues who have never been a part of this premier grassroots event to join you. Share your experiences, and tell them how you make a difference, improve your practice, and serve the best interests of your clients at Congressional Conference. We have a limited number of $500 travel stipends available to to first-time attendees who are NAIFA members and meet other criteria.