[A version of this appeared in Morning Consult] Late last year, who could have predicted the financial upheaval we now face? No one. The uncertainties created by the COVID-19 economy have exposed a growing societal need for financial protection and security. Addressing these needs will be vitally important as our nation moves forward. A series … Continue reading "Action Items for Increasing Financial Security"
Separated by about 1,000 miles of farmland, mountains and desert, Iowa and Arizona are two very different states. On first glance, the only thing they seem to have in common is their deep-rooted ties to the Chicago Cubs. The Cubs’ spring training facility has been in Arizona for more than 60 years. And the Cubs’ … Continue reading "Iowa, Arizona Lead The Way on Best Interest"
The bar on consumer protections is raised in important ways by the Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI), which goes into effect at the end of this month. Reg BI preserves access for middle- and lower-income savers to financial professionals that offer the opportunity to set up income guaranteed for life. Insurance … Continue reading "Consumers Benefit from Regulation BI"
Market volatility is especially unnerving after decades of working and saving. The antidote is smart, sound financial education, information and options. Fortunately, the Securities and Exchange Commission (SEC) adopted rules last June, and the National Association of Insurance Commissioners (NAIC) adopted a model regulation in February, to make sure people can get the help they … Continue reading "Countering Market Volatility"
Nearly two years ago, the Fifth Circuit Court of Appeals struck down the Department of Labor’s misguided fiduciary regulation. That momentous decision triggered a series of thoughtful, well-reasoned measures by lawmakers and regulators in Washington, D.C., and across the country. These ongoing actions are part of a nationwide movement to provide American consumers the protections they deserve … Continue reading "Best Interest Advances Will Protect America’s Consumers"
Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that … Continue reading "A Big Win for Retirement Savers at the NAIC"
At a recent hearing in Boston, a long line of local citizens voiced opposition to the Massachusetts Commonwealth Secretary’s proposed elitist fiduciary-only standard for financial advice. This week in the Boston Globe, local business owner Joan Jaeger Gustaff outlined why she opposes the rule, which could become effective within weeks. The people of Massachusetts would be best served … Continue reading "Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal"