Aging populations, especially in Europe and Asia, will contribute to an increase in interest rates, researchers Charles Goodhart and Manoj Pradhan say in a new report. The research contrasts with the widespread expectation that aging populations will moderate growth and cause rates to fall. Bloomberg
Fred Reish, a partner in Drinker Biddle & Reath's employee benefits and executive compensation practice, said he expects the Labor Department to say this month or in the first half of September whether it plans to delay full effectiveness of its fiduciary rule beyond Jan. 1. Reish said he expects…
The Labor Department's call for comments on a possible delay or repeal of the full implementation of its fiduciary rule has garnered thousands of responses. Early analysis indicates a majority of the industry opposes the rule, although some comments appear to favor implementation, albeit with modifications. PlanAdviser online
The Labor Department is likely to further postpone full enforcement of its new fiduciary rule, but that doesn't mean the agency will drop it entirely, members of a panel convened by The American College of Financial Services agreed. When the Labor Department finishes its review, it could revise its prohibited…
The Securities and Exchange Commission must bring "clarity and consistency" to the fiduciary duty of financial professionals, said Chairman Jay Clayton. He said he wants to work with the Labor Department to create protections that don't deprive Main Street investors of "affordable investment advice or products." Read Clayton's speech. ThinkAdvisor…
A House Financial Services subcommittee is scheduled Thursday to discuss legislation by Rep. Ann Wagner, R-Mo., that would replace the Labor Department's fiduciary rule with a best-interest standard for retail investment advice. The measure would require brokers to offer recommendations that "reflect reasonable diligence, care, skill and prudence" and to…
The Labor Department is asking for comments on delaying the date its new fiduciary rule goes into full effect. In a separate request for information, the agency wants suggestions on how the rule could be improved. InsuranceNewsNet online (7/5), The National Law Review (7/5)
Federal Reserve Governor Jerome Powell and acting Comptroller of the Currency Keith Noreika have indicated willingness to ease the regulatory burden imposed by post-crisis regulation, particularly the Fed stress test and the Volcker rule. "The Volcker rule provides a practical example of how conflicting messages and inconsistent interpretation can exacerbate…
The Federal Reserve should let a low 10-year Treasury yield and sluggish inflation recover before raising interest rates further, says Robert Kaplan, president of the Federal Reserve Bank of Dallas. "From here now, I'd like to see evidence that recent weakness in inflation in March and to some extent April…
Distributors of retirement-related products are narrowing the range of products they offer in order to get ready for the implementation of the Labor Department's fiduciary rule. However, Gerry Murtagh and Ben Yahr write that this trend could "help firms implement a higher quality best-interest sales process in a more cost-effective…
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