NAIFA congratulates President Joe Biden and Vice President Kamala Harris on their inauguration and looks forward to working with the Biden administration on policies to promote financial security and access to financial products, services, and advice for all Americans.
“NAIFA remains, as always, committed to bipartisan political advocacy,” said NAIFA President Tom Michel. “Our members have a direct connection to Main Street and will offer their insights and expertise to Biden administration officials and members of the 117th Congress. We will be active and engaged participants in the process with these leaders as they make policies to help individuals, families, and businesses reduce risks and protect assets; fund major expenses like college, housing, long-term care, and retirement; plan their estates; provide employee benefits and group insurance; and reach their financial goals."
President Biden has indicated he will sign an executive order launching a whole-of-government initiative to advance racial equity, among other actions. The president’s equity agenda, according to the administration, is grounded in advancing racial justice and building back better for communities that have been underserved, including people of color, Americans with disabilities, LGBTQ+ Americans, religious minorities, and rural and urban communities facing persistent poverty.
NAIFA shares the goal of providing economic empowerment and improving financial opportunity for all Americans. NAIFA is proud to be a leader in this space and stands as a ready partner to create positive change. Some of NAIFA’s work in this area is reflected in an annual Diversity, Equity, and Inclusion Symposium; DEI research; and efforts with groups like The American College and the American Council of Life Insurers to promote financial opportunities for all Americans.
NAIFA will work with the Department of Labor (DOL) as it considers regulatory actions that would affect financial professionals, their clients, and all consumers. It is not clear what action the Biden DOL might take on the new prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. The DOL finalized the PTE on December 15, 2020. NAIFA will continue to work to ensure workers preparing for retirement retain choices and access to products, services, and advice.
Another immediate focus will be on legislative and regulatory proposals to provide American families and small businesses with additional COVID-19-related economic relief and recovery assistance.