The Financial Industry Regulatory Authority has proposed a number of changes and technology improvements for 2018. The changes include more financial transparency, overhauling restrictions on registered individuals' outside business activities and setting new examination fees, although there are no plans to increase membership fees. ThinkAdvisor (free registration)
It's better to have elected officials make policy and have unelected regulators enforce those policies, writes Mark Elzweig, an executive search consultant. He contends that Congress should come up with its own fiduciary rule to replace the one created by the Department of Labor. Financial Planning online
The US Court of Appeals for the District of Columbia Circuit has delayed oral arguments in a lawsuit brought by the National Association for Fixed Annuities challenging the Labor Department's fiduciary rule. The court granted the postponement to wait for a decision by the US Court of Appeals for the…
A Securities and Exchange Commission official provided more details on the aims of its newly formed Retail Strategy Task Force, whose broad intention is to increase protection of Main Street investors. Lara Shalov Mehraban, an associate regional director for enforcement at the SEC, said the task force will focus on…
Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee, will introduce an amendment eliminating the current tax treatment for pretax 401(k) catch-up contributions. The amendment will raise the catch-up limit for people 50 and older but will tax the contributions when they are made and will classify them as…
Retirement advisors are taking a second look at measures to comply with the Labor Department's fiduciary rule now that the department is moving to postpone enforcement of parts of the rule. Many advisors welcome the extra time, but others worry about the lack of direction and what will end up…
The Federal Reserve maintained its current interest rate but offered an optimistic view of the US economy that could lay the groundwork for a widely anticipated rate increase in December. The central bank's rate-setting committee said its preferred benchmark for inflation "remained soft" but the labor market is getting stronger…
Although economic losses from natural disasters are typically recovered because rebuilding stimulates growth, the timing of hurricanes Harvey and Irma likely will affect the Federal Reserve's plan to increase interest rates in December. US GDP growth is expected to be reduced in the third quarter because of Harvey, Barclays economists…
The Labor Department has filed with the Office of Management and Budget to delay by 18 months the January deadline for full compliance with the department's fiduciary rule. The OMB has 90 days to review the proposal. Investment Advisor
The US financial system is safer than it was before the financial crisis but this is no time to become complacent about protecting the system's stability, Federal Reserve Chair Janet Yellen said at the central bank's annual conference in Jackson Hole, Wyo. She warned of "the all-too-familiar risks of…
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