Advocacy in action blog

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.  

The House passed H.R. 5376, the Build Back Better Act. Rep. Jaren Golden (D-ME) was the sole Democrat to vote against the bill. No Republicans voted for the bill. Now, on to the Senate, where significant changes are expected. Senate leadership wants to finish this before year-end, but given the other must pass agenda items (government funding, debt limit, defense authorization), that timing seems unlikely.  

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.

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. 

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.

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.

NAIFA submitted comments to the U.S. Senate Special Committee on Aging regarding an inquiry by Chairman Bob Casey (D-PA) and Ranking Member Tim Scott (R-SC). Both committee leaders are working together in a bipartisan way to examine issues that are of importance to the health, economic security, and well-being of older Americans and their families.

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.

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.”

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.