As part of its continued response to President Trump’s executive order outlining core principles for financial regulation, the Treasury Department issued a report today recommending changes to the regulation of asset management and insurance.
The report’s recommendations — including many advocated by the American Bankers Association as it engaged with Treasury during this process — are “an important step toward eliminating unnecessary regulatory burdens that hamper banks’ ability to provide services to their clients and the markets,” said ABA President and CEO Rob Nichols, noting that “many banks, thrifts and trust companies engage in these activities by providing fiduciary and other related services to individuals, families, charitable entities, retirement plans and municipalities.”
Among other things, the report recommends reducing the burden of the Volcker Rule, delaying full implementation of the Labor Department’s fiduciary rule, evaluating systemic risk based on activities and increasing the transparency of international standard-setting efforts. “These recommendations will allow banks to operate more efficiently and better serve their customers’ investment and retirement needs,” Nichols added.
