House passes capital formation package
The House passed a package of capital markets bills that included ABA-supported provisions on SEC reporting thresholds and 403(b) retirement plans.
The House passed a package of capital markets bills that included ABA-supported provisions on SEC reporting thresholds and 403(b) retirement plans.
The Department of Labor’s proposed fiduciary rule is overbroad, overreaching and would likely harm the very people the agency seeks to protect, ABA SVP Tim Keehan testified during a public hearing on the proposal.
The Labor Department’s proposed amendments to Prohibited Transaction Exemption 84-14, known as the Qualified Professional Asset Manager exemption, continue to rely on flawed assumptions in the agency’s estimate of the costs and burdens for the changes in question, ABA, the Investment Company Institute and three trade groups said.
The Labor Department proposed a new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities.
Because existing disclosure and reporting regimes are comprehensive, sufficient and effective, no revisions or additions are necessary to the department’s regulatory requirements governing benchmark requirements and fee disclosures, ABA said.
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.
The legislation would amend the Exchange Act to allow 403(b) retirement plans 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.
Consumers continue to invest in HSAs for future medical expenses, with a year-over-year increase in 2022 of 6% for assets and 9% for accounts, according to a new survey from Devenir.
The American Bankers Association this week filed a comment letter recommending the adoption of an IRS proposal to make permanent an exemption to the physical presence requirement for spousal consents.
A U.S. district court this week vacated the Labor Department’s interpretation of the Employee Retirement Income Security Act and its implementing regulation on fiduciary investment advice.