House Financial Services Committee Approves Data Privacy Bill—The House Financial Services Committee has approved H.R.1165, a data privacy bill authored by the Committee’s chairman, Rep. Patrick McHenry (R-NC). NAIFA, in a coalition with other insurance interests, supports the effort to protect consumers’ personal information, but asked for modifications to the bill as it was introduced.
Congress Votes to Overturn ESG Rule But President Vows a Veto—The Senate has joined the House in a vote to overturn the DOL’s ESG rule. But President Biden has vowed to veto the resolution. The DOL rule would allow fiduciaries to consider ESG factors when evaluating investment choices to include in retirement savings plans.
Ways & Means Chairman Outlines Committee’s 2023 Priorities—Ways & Means Chairman Rep. Jason Smith (R-MO) submitted the Committee’s “views and estimates” letter for FY 2024 to the House Budget Committee. Among the priorities contained in the letter are policies aimed at growing retirement savings and encouraging small business growth.
NAIFA Members Urge Senate HELP Committee to Protect Independent Contractor Status—Ahead of the March 8 hearing on labor relations, NAIFA members with Senators on the Committee urged them to protect the relationship shared between insurance producers, independent broker-dealers (IBDs), and independent financial advisors (IFAs) with the insurance industry.
Bipartisan Senate Bill to Increase Charitable Contribution Deduction Introduced—A bipartisan group of Senators has introduced legislation, “The Charitable Act,” to extend and expand the non-itemized deduction for charitable contributions.
End of Public Health Emergency Triggers Health Plan Changes—The May 11 ending of the coronavirus public health emergency will trigger many pandemic-related changes to health plan management. It will also impact Medicaid.
Lawmakers Reintroduce Bicameral Federal Paid Leave Bill—Rep. Rosa DeLauro (D-CT) and Sen. Kirsten Gillibrand (D-NY) have reintroduced their federal paid leave bill, the FAMILY Act.
Biden Will Nominate Su to Replace Walsh as DOL Secretary—DOL Secretary Marty Walsh left the Biden Administration Cabinet on March 11 to head the union of professional hockey players. President Biden announced on February 28 that he will nominate Deputy Secretary Julie Su to replace Walsh. Su is expected to become DOL’s acting head until her confirmation process is complete.
Thirty-Three States Adopt NAIC Suitability in Annuity Transactions Model— Illinois, Georgia, and Tennessee are the latest states to implement the ‘best interest of consumer enhancements’ in the NAIC model.
