Stark Statistics, Glimmers of Hope at DC Retirement Summit
The bad news: 4 out of 10 older Americans have no retirement savings. The good news: those with employer retirement plans are far more ready to retire. The challenge: getting Congress to act and lower-income savers to prepare.
Fund Industry Challenges CFTC Registration
The mutual fund industry, with help from some former SEC officials, is fighting back over a rule adopted by the CFTC that will force many funds to register with it.
Retirement Planning Groups to SEC: Stop Messing With Money-Market Funds
In a joint letter to the SEC Tuesday, the ICI, FSI and others said the proposed changes would render the funds "far less desirable—if not unusable—for retirement savers."
Dodd-Frank Should Not Be Repealed: House Hearing Consensus
While they had many complaints about the Dodd-Frank Act, all of the financial services representatives testifying at a House Financial Services hearing stopped short of saying the law needs to be repealed.
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.