This story has been updated to reflect the signing of the bill.
President Donald Trump has signed a bill that could push many financial professionals to get elder financial abuse reporting training.
The financial abuse training provision is part of the new Dodd-Frank Act change bill — S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act” bill.
Members of the House voted 258-159 for S. 2155 Tuesday.
Members of the Senate voted 67-31 to pass the same bill in March. The president has supported the bill, and he signed it in the Oval Office on Thursday.
Congress passed the Dodd-Frank Act in 2010, in response to lawmakers’ horror at the Great Recession of 2008. The S. 2155 sections getting the most attention would free small and midsize banks from many of the Dodd-Frank bank oversight rules.
The package also includes two other, unrelated sections of interest to life insurers, and to life insurance agents.
Section 211, the “International Insurance Capital Standards Accountability Act” provision, will affect U.S. trade negotiators’ ability to enter into international insurance trade deals.
Section 303, the “Senior Safe Act” provision, will provide safeguards for life insurance agents and others who report possible cases of financial exploitation.
Insurance Capital Standards Accountability Act
This section requires U.S. international trade negotiators to “achieve consensus positions with state insurance regulators” before agreeing to international insurance regulatory deals.
U.S. life insurers have been happier with recent insurance trade deals than property-casualty casualty insurers.
Like the property-casualty insurers, life insurers and the American Council of Life Insurers have supported the idea of requiring U.S. trade negotiators to work with state insurance regulators before signing international insurance agreements. But some players on the life insurance side appear to be concerned that the “achieve consensus” phrase is unclear and might block deals with broad support as well the more controversial deals.