Advocacy in action blog

On July 25, 2024, a federal court in the Eastern District of Texas issued a stay barring the enforcement of the DOL fiduciary-only rule (and amendments to PTE 84-24) while the case in FACC v. DOL is pending. An appeal of the stay to the 5th Circuit is likely.  

Meanwhile, NAIFA’s challenge to the fiduciary-only rule, brought with ACLI and other industry groups, is under review in the Northern District of Texas, where we seek a preliminary injunction and stay against enforcement of the fiduciary-only rule and amendments to PTE 84-24 and 2020-02.

The U.S. District Court for the Northern District of Texas has issued a stay preventing the Centers for Medicare and Medicaid Services (CMS) from implementing a new rule changing compensation rules for professionals providing products and services related to Medicare Advantage and Medicare Part D programs. NAIFA is not a party to the lawsuits, Americans for Beneficiary Choice et al. v. the U.S. Department of Health and Human Services et al. and The Council for Medicare Choice et al. v. HHS et al., but has been an outspoken critic of the rule since it was first proposed.

So-called 529 plans are effective financial planning tools that help many families prepare for education-related costs. They allow tax-free withdrawals to pay “qualified education expenses.” Proposed legislation known as the “Education and Workforce Freedom Act,” which NAIFA supports, would significantly expand approved uses for 529 plan withdrawals and has been passed by the House Ways & Means Committee.

It's been nine-and-a-half years since the National Association of Registered Agents & Brokers (NARAB) Reform Act was enacted, yet the NARAB Board of Directors has still not been established. The Obama administration submitted nominees but the Senate Banking Committee failed to act on the nominations. Since then, the Trump and Biden administrations have not submitted nominations to the Senate for approval.

Major federal tax legislation is all but certain to be coming from Washington, D.C., in 2025. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of next year and Congress will need to address the situation. This NAIFA advocacy webinar, originally produced June 13 but now available on demand, gives you a better understanding of what is being dubbed the "Super Bowl of Tax" and provides insights into some of the proposals likely to shape the debate. It provides analysis of how the political landscape and upcoming election will shape the tax reform issue.

NAIFA is hosting the 11^th annual Congressional Conference May 20-21 at the JW Marriott in Washington, D.C. The event will feature targeted advocacy training with briefings on legislative issues that affect members’ businesses, clients, and communities. Washington insiders will offer best practices for conducting Congressional meetings and tips for developing impactful long-term relationships with legislators.

NAIFA supports the newly introduced Congressional Review Act (CRA) resolution disapproving the DOL’s final fiduciary-only rule that will negatively impact and impose new costs on middle- and low-income savers, as well as financial services professionals. CEO Kevin Mayeux, CAE, sent letters personally thanking Representative Rick Allen and Senators Roger Marshall, Joe Manchin, Ted Budd, and Bill Cassidy for introducing the resolution in the House and Senate, respectively. ACLI, NAIFA, Finseca, IRI and NAFA also issued a joint release supporting the CRA review.

NAIFA supports the bipartisan Empowering States to Protect Seniors Against Bad Actors Act, which would establish a grant program at the U.S. Securities and Exchange Commission to help states fund initiatives to protect consumers against financial scams. The grants would help states staff anti-scam enforcement offices, invest in technology, develop educational resources, and devise strategies specifically designed to protect seniors from financial exploitation and fraud.

An ongoing survey of NAIFA members will provide updated data to help NAIFA and our industry partners in future actions on the Department of Labor’s final fiduciary-only rule. The results will help us educate policymakers – and potentially the courts – on how the proposal will impact consumers and your business.

May 20-21 | Washington, D.C.
Register Today!

NAIFA's Congressional Conference shines a spotlight on NAIFA's unmatched advocacy influence and provides financial professionals with another way to serve consumers' best interests. NAIFA members who meet with their members of Congress this May will not only be advocating for their own businesses but also for their colleagues, clients, and communities. Decisions made in Washington, D.C., affect the financial security of  families and businesses nationwide that rely on NAIFA members for financial guidance.