The Heat Rises on FINRA as Advisor SRO
Just as a government watchdog is pressuring the Securities and Exchange Commission (SEC) to beef up its oversight of the Financial Industry Regulatory Authority (FINRA), Congress is mulling whether to give FINRA the power to oversee advisors.
SEC’s Schapiro Adamant About Money-Market Fund Reforms
During a conversation between Schapiro and Mellody Hobson, president of Ariel Investments, at the ICI's annual conference, Hobson said the industry and the SEC were at “loggerheads” over the SEC’s plans.
ICI Opposes SEC’s Attempt to Rein In Money-Market Funds
Paul Schott Stevens, president and CEO of the ICI, pointed out two initiatives the ICI is fighting: the SEC’s further attempts to rein in money-market funds, and the CFTC’s amendments to a commodities rule.
U.S. Chamber Warns Against ‘Political Barriers to Innovation’ in Private Retirement Plans
The U.S. Chamber of Commerce published on Monday a white paper, “Private Retirement Benefits in the 21st Century: A Path Forward,” that provides guidelines for creating and maintaining retirement plans and increasing workers’ savings.
Allow E-Disclosures, Retirement Plan Coalition Urges DOL
On Tuesday, a coalition of interested parties took to their pens to urge the Department of Labor to allow plan sponsors to make required disclosures electronically.
Blistering Criticism of JOBS Bill May Push Senate Changes
A House bill intended to benefit business startups and stimulate job creation has been so sharply criticized on its way to the Senate that opponents may prevail in strengthening consumer protections they say were trashed.
JOBS Bill Under Fire by SEC, NASAA, Consumer Advocates
A bill that started out as seven separate pieces of legislation intended to benefit business startups and stimulate job creation is coming in for criticism as it heads to the Senate, as opponents say that it does away with consumer protection.
Treasury Set to Issue Lifetime Income Guidance; DOL to Follow
The Treasury Department plans to release soon guidance for employers on how best to integrate lifetime income products into 401(k)s and other employer-sponsored retirement plans, while the Department of Labor plans to follow with similar guidance early next year.
Rep. DeFazio Aims to Tax Trading
Rep. Peter DeFazio, D-Ore., is doing it again—partnering with Sen. Tom Harkin, D-Iowa, to present a bill to tax trades of stocks, bonds and derivatives. The two previously tried in 2009 to propose such a measure, but it failed.
Senate Banking's Shelby Floats Cost-Benefit Bill
Sen. Richard Shelby, R-Ala., ranking GOP member on the Senate Banking Committee, introduced a bill on Thursday that requires financial regulators, like the SEC, to provide rigorous and consistent economic analyses on new rules they propose.