The United States has turned a political corner.
Here are some early reactions from around the insurance and finance industries to Donald J. Trump becoming the nation’s president-elect:
In a prepared statement released Wednesday, Cathy Weatherford, president and CEO of the Washington-based Insured Retirement Institute, congratulated the president-elect, and encouraged renewed focus on bipartisan reforms that will encourage greater American financial security in retirement.
“Now that the campaigning is over, Americans will be looking to their elected leaders to tackle the issues affecting our nation,” she said. “We know for many Americans, saving and preparing for retirement is one of their top financial concerns. Given increasing life spans and the decline of traditional pension plans, Americans today are more responsible for ensuring their financial security in retirement. With policymakers’ support, we can help them achieve their retirement goals.”
For the the institute, the new political climate provides an opportunity to revisit and renew focus on its retirement security policy agenda.
“IRI has put forth a retirement security agenda that identifies bipartisan policy solutions to help Americans reach a financially secure and dignified retirement,” Weatherford said. “This includes policies to help make retirement plans more widely available, encourage saving, and increase access to retirement planning advice and lifetime income strategies. We urge all policymakers to support these initiatives, and we look forward to working with our nation’s leaders to help enhance retirement security in the United States.”
In its statement, the Falls Church, Virginia-based National Association of Insurance and Financial Advisors underscored its commitment to work on behalf of its members with the new present and Congress. The association also acknowledged the significant policy shifts that could arrive along with the Trump administration, including:
- The potential revision or repeal of the U.S. Department of Labor fiduciary rule.
- A reshaping or repeal of the Affordable Care Act.
- Several tax reform proposals.
“NAIFA and our members possess a profound expertise on insurance and financial matters,” said Paul Dougherty, the organization’s. “That makes us the ideal association to educate Congress and regulators about the real-life effects of their decisions on people who are preparing for retirement, running small businesses, managing health- and disability-related risks, and protecting the long-term financial security of their families.”
President-elect Donald Trump waves as he arrives at his election night rally in New York City. (Photo: John Locher/AP Photo)
Dale Brown, president and CEO of the Washington-based Financial Services Institute released a statement early Wednesday morning, almost as soon as the results were finalized.
“The American people have spoken and we congratulate President-Elect Donald Trump on his election,” Brown wrote. “We stand ready to work with his administration in ensuring Main Street Americans have access to objective and affordable financial advice as they save for a dignified retirement, pay for their children’s education and help care for aging parents. We also congratulate all who won election to Congress and renew our commitment to work constructively with both sides of the aisle to find common ground, end gridlock and do what’s right for Americans who want to save and invest for their future.”
The Washington-based Financial Services Roundtable said in its post-election statement that it plans to “act swiftly to enact policies to improve the economy, grow good-paying jobs, encourage innovation, and protect both consumers and taxpayers.”
The financial services advocacy organization outlined its policy priorities for 2017:
- FinTech policy and collaboration.
- Federal regulatory transparency.
- Housing finance reform.
- Tax reform.
- Retirement security policy.
- Insurance capital ctandards.
- Flood insurance.
“Our country faces big challenges, but it also has incredible opportunities for innovation and growth that will provide a brighter future for people who need hope and help,” Tim Pawlenty, CEO of the Financial Services Roundtable, said in the statement. “The new administration and Congress should enact policies that grow the economy, spur innovation, protect both consumers and taxpayers, add good-paying jobs, and help more Americans reach their financial goals.”
In the employee benefits world, National Pension Partners, the Cottonwood Heights, Utah-based network of pension specialists, encouraged members to capitalize on the anticipated changes as a result of the election.
“It is now that you must plan to lower your tax bill,” the organization said in a post-election briefing. “Receive deductions now and take out when taxes are lower. .. Under a Trump presidency, some day they should be lower.”
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