With a bipartisan vote of 35 to 12, the House Financial Services Committee this week advanced H.R. 3063, the Retirement Fairness for Charities and Education Institutions Act of 2023. This American Bankers Association-supported bill would amend the Exchange Act to allow 403(b) retirement plans—which are offered by public schools, hospitals and certain charities—to invest in unregistered insurance contracts and collective investment trusts that currently may be invested in by comparable retirement plans, such as 401(k) plans.
Former comptrollers warn against state erosion of federal banking powers
States are increasingly seeking to regulate activities that have historically fallen within the domain of federal supervision, and that threatens the regulatory clarity the nation's dual banking system has long provided, two former comptrollers of the currency write...









