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Defunding DOL’s Fiduciary Proposal A Stopgap Measure

Department of Labor’s fiduciary rule proposal would be temporary, even if choking off funds has a chance of passage.

Canada Goose Outlet Many people in Washington believe the defunding effort has “a pretty sold canada goose uk shop chance of passage,” but isn’t likely canada goose clearance to be enough, according to Cliff Andrews, principal with CapCity Advocates, the lobbying organization that represents NAFA. Canada Goose Outlet

Canada Goose Parka House Appropriations Committee lawmakers earlier in the week drafted defunding language and were ready to pass it on to the full House. Meanwhile, a Senate subcommittee was working on similar language for a vote by Canada Goose Parka the full Senate. Canada Goose Parka

But if lawmakers in the GOP controlled Congress pass defunding language without amendments, it’s not clear whether the defunding language would appear as separate legislation or as part of a “mega omnibus” spending bill, Andrews said.

Canada Goose sale Congressional lawmakers are in the midst of negotiations over the Obama administration’s spending canada goose uk outlet plan for the 2015 2016 fiscal year which begins Oct. 1. Canada Goose sale

buy canada goose jacket cheap Insurance and financial advisors have opposed the DOL’s new rules since they were first proposed. Heavy lobbying from organizations such as NAFA and the National Association of Insurance and Financial Advisors Canada Goose https://www.canadagoosejacketsaleca.com Jackets succeeded in swaying lawmakers. Even the DOL is extending the comment period by several weeks. buy canada goose jacket cheap

In April, the DOL proposed new fiduciary standards governing the advice provided to qualified retirement plans canada goose black friday sale employer Canada Goose Coats On Sale plans and individual retirement accounts (IRAs). But financial industry groups Canada Goose online came out and said the rules were “unworkable.”

canada goose coats Under the DOL proposal, so much as handing out a pamphlet about annuities or insurance products in qualified and nonqualified plans would raise questions about whether advisors have entered in a fiduciary discussion, NAFA officials said. canada goose coats

canadian goose jacket “You can see how confusing this canada goose factory sale would get,” canada goose coats Andrew said. canadian goose jacket

canada goose deals DOL proposed the rule as a way to impose a fiduciary standard on advisors to prevent what it called conflicts of interest and ensure that consumers get the best advice possible. canada goose deals

Canada Goose online Consumer advocates, watchdog groups and lawmakers such as cheap Canada Goose Sen. Elizabeth Warren, canadian goose jacket D Mass., are in favor of the proposal. Canada Goose online

buy canada goose jacket Labor Secretary Thomas E. Perez recently rejected industry arguments that the proposed rule would buy canada goose jacket restrict access to investment advice to middle class investors while advisors Canada Goose Outlet focus on wealthier clients as the costs of canada goose uk black friday doing business go up. buy canada goose jacket

Andrews also said that while the DOL’s proposed rule represents “a radical sea change” in the way many insurance advisors would uk canada goose be compensated, “I don’t believe they (DOL) are uk canada goose outlet solely targeting insurance agents.”

canada goose black friday sale He said other financial services intermediaries might fall under the rule if it’s allowed to stand as proposed, and that the DOL was seeking to canada goose coats on sale have a final rule in place by early 2016, before the next general election. canada goose black friday sale

canada goose clearance sale Andrews also said that NAFA was coalescing behind a “best interest standard” in the proposed rule. canada goose clearance sale

canada goose coats on sale Chip Anderson, NAFA executive cheap canada goose uk director, urged members to get involved in understanding the DOL proposal’s key points. canada goose coats on sale

canada goose Insurance agents canada goose who’ve flooded Washington over the past several weeks have Canada Canada Goose Outlet Goose sale had hours of discussions with lawmakers about the rule, but there are still many agents who are not knowledgeable about the details of the proposal and how it affects them. canada goose

cheap Canada Goose “Get everybody else involved and discuss this issue so that we can get the word out,” Anderson said. cheap Canada Goose

Canada Goose Jackets Andrews said NAFA was finishing its official response to the rule before filing it with the DOL “within the next two weeks.” Canada Goose Jackets

The public comment period ends July 21, after which the DOL canada goose store will hold a public hearing Aug. 10 on the proposed rule. The August hearing will be followed canada goose clearance sale by another comment period.

canada goose store “Depending on what happens at the August hearings, we might file a second set of comments,” Andrews also said. canada goose store

Despite the expected flood of opposition to the proposed rule this summer, the DOL appears set on buy canada goose jacket cheap having advisors meet a fiduciary standard Canada Goose Online of advice, and NAFA officials acknowledged as much on Thursday.

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