On the same day the D.C. circuit court declined its request to block the Department of Labor’s fiduciary rule, the National Association for Fixed Annuities vowed to continue its fight against the regulation.
“We are still working hard to defeat rule and make sure everyone understands our position on that,” said Chip Anderson, NAFA’s executive director, during a webcast Thursday to summarize the association’s activities during 2016 and provide an outlook for 2017. “Rest assured, NAFA will continue efforts to stop the DOL rule any way we can.”
Much of the association’s 2016 activities revolved around the Labor Department fiduciary rule released in April, said Anderson. In addition to keeping its membership apprised of the rule and its implications following its release, NAFA also met with other financial industry trade groups and attorneys before filing a lawsuit June 2.
During the third and fourth quarters of 2016, NAFA focused much of its energy on its legal challenges of the Labor Department rule, including appealing Judge Randall Moss’ decision in favor of the Labor Department and filing the emergency motion for an injunction to block the rule.
Anderson addressed speculation that the outcome of the presidential election could affect the course of the fiduciary rule, saying the association is confident President-elect Donald Trump will address the rule even though lawsuits against it to date have been unsuccessful.
“We feel comfortable that we will get some favorable rulings from the Trump administration,” said Anderson, who noted time is of the essence as the April 10 deadline outlined in the rule rapidly approaches.
In addition, in the wake of the federal fiduciary rule, states could weigh in with their own variants of the fiduciary rule, said Anderson. Keeping an eye on state-level developments is high on NAFA’s list of priorities for 2017. NAFA also will be watching tax reform initiatives, Anderson said.