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Life Insurers, Financial Pros Welcome Biden-Harris Administration

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Wednesday Joe Biden was sworn in as the 46th U.S. president, and Kamala Harris was sworn in as the country’s first female vice president.

Financial services groups have been issuing statements responding to the official start of the Biden-Harris administration.

Susan Neely, president of the American Council of Life Insurers (ACLI), extended congratulations on behalf of the ACLI.

“We look forward to working with their administration and the 117th Congress for bipartisan policy solutions that address the financial protection and retirement security challenges facing so many,” Neely said.

Life insures want to help individuals and families regardless of where and how they work, their life stage, or the economic status of their household, Neely said.

“We extend this commitment to engaging and working purposefully with our nation’s elected leaders as they endeavor to build a strong, caring economy for all,” Neely said.

The National Association of Insurance and Financial Advisors (NAIFA) also congratulated the new administration.

The association said it looks forward to working with the Biden administration on efforts to promote financial security and access to financial products, services, and advice for all Americans.

“NAIFA remains, as always, committed to bipartisan political advocacy,” NAIFA President Tom Michel said in a comment included in NAIFA’s greeting. “Our members have a direct connection to Main Street and will offer their insights and expertise to Biden administration officials and members of the 117th Congress.

“We will be active and engaged participants in the process with these leaders as they make policies to help individuals, families, and businesses reduce risks and protect assets; fund major expenses like college, housing, long-term care, and retirement; plan their estates; provide employee benefits and group insurance; and reach their financial goals,“ Michel said.

One of the Biden administration’s first executive orders promotes an initiative to advance racial equity, and he also wants “build back better” for communities that have been underserved, such as people of color, Americans with disabilities, LGBTQ+ Americans, religious minorities, and rural and urban communities that face persistent poverty, NAIFA said.

“NAIFA shares the goal of providing economic empowerment and improving financial opportunity for all Americans,” NAIFA said.

DOL Question

NAIFA said it’s not clear how the Biden administration will handle the U.S. Department of Labor’s retirement products sales standards.

“NAIFA will continue to work to ensure workers preparing for retirement retain choices and access to products, services, and advice,” NAIFA said.

NAIFA said it also expects see legislative and regulatory proposals for providing families and small businesses with more COVID-19-related economic relief and recovery assistance.

Life Insurance and Estate Taxes

The Biden administration put out a large batch of proposals in a fact sheet this morning, and another batch in a list of Trump administration regulatory efforts that the new administration wants to hold for extra review. None of the proposals released today appears to relate directly to life insurance or to related matters, such as the estate tax.

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