Even the DOL is extending the comment period by several

Defunding DOL’s Fiduciary Proposal A Stopgap Measure

Department of Labor’s fiduciary rule proposal would be temporary, even moncler jackets outlet if choking off funds has a chance of passage.

cheap moncler Many people in Washington believe the defunding effort has «a pretty sold chance of passage,» but isn’t likely to be enough, according to Cliff Andrews, principal with CapCity Advocates, the lobbying organization that represents NAFA. cheap moncler

House Appropriations Committee lawmakers earlier in the week drafted defunding language and were ready to pass it moncler outlet on to the full House. Meanwhile, a Senate subcommittee was working on similar language for a vote by the full Senate.

cheap moncler coats But if lawmakers in the GOP controlled Congress pass defunding language without amendments, it’s not clear whether the defunding language would appear as separate legislation or as part of a «mega omnibus» moncler outlet sale spending bill, Andrews said. cheap moncler coats

moncler sale Congressional lawmakers are in the midst of negotiations over the Obama administration’s spending plan for the 2015 2016 fiscal year which begins Oct. 1. moncler sale

moncler outlet sale Insurance and financial advisors have opposed the DOL’s new rules since they were first proposed. Heavy lobbying from organizations such as NAFA and the National Association of Insurance and Financial moncler sale Advisors succeeded in swaying lawmakers. Even the DOL is extending the comment period by several moncler outlet online weeks. moncler outlet sale

cheap moncler outlet In April, the DOL proposed new fiduciary standards governing the advice provided to qualified retirement plans employer plans and individual retirement accounts (IRAs). But financial industry groups came out and said the rules were «unworkable.» cheap moncler outlet

Under the DOL proposal, so much as handing out a pamphlet about annuities or insurance products in qualified and nonqualified plans would raise questions about whether advisors have entered in a fiduciary discussion, NAFA officials said.

«You can see how confusing this would get,» Andrew said.

moncler outlet DOL proposed the rule as a way to impose a fiduciary standard on advisors to prevent what it called conflicts of interest and ensure that consumers get the best advice possible. moncler outlet

Consumer advocates, watchdog groups and lawmakers such as Sen. Elizabeth Warren, D Mass., are in favor of the proposal.

cheap moncler jackets Labor Secretary Thomas E. Perez recently rejected industry arguments that the proposed rule would restrict access to investment advice to middle class investors while advisors focus on wealthier clients as the costs of doing business go up. cheap moncler jackets

monlcer down jackets Andrews also said that while the DOL’s proposed rule represents «a radical sea change» in the way many insurance advisors would be compensated, «I don’t believe they (DOL) are solely targeting insurance agents.» monlcer down jackets

cheap moncler sale He said other financial services intermediaries might fall under the rule if it’s allowed to stand as proposed, and that the DOL was seeking to have a final rule in place moncler factory outlet by early 2016, before the next general election. cheap moncler sale

moncler outlet online Andrews also said that NAFA was coalescing behind a «best interest standard» in the proposed rule. moncler outlet online

Chip Anderson, Moncler Outlet NAFA executive director, urged members to get involved in understanding the DOL moncler outlet uk proposal’s key points.

moncler moncler jacket sale sale outlet Insurance agents cheap moncler who’ve flooded Washington over the past several weeks have had hours of discussions with lawmakers about the rule, but there are still many agents who are not knowledgeable about the details of the proposal and how it affects them. moncler sale outlet

moncler mens jackets «Get everybody else involved and discuss cheap moncler jackets this issue so cheap moncler outlet that we can get the word out,» Anderson said. moncler mens jackets

Andrews said NAFA was finishing its official response to the rule before filing it with the DOL «within the next two weeks.»

moncler outlet store The public comment period ends July 21, after which the DOL will hold a public hearing Aug. 10 on the proposed rule. The August hearing will be followed by another comment period. moncler outlet https://www.newmoncleroutlet.com moncler outlet store store

buy moncler jackets «Depending on what happens at the August hearings, we might file a second set of comments,» Andrews also said. buy moncler jackets

Despite the expected flood of opposition to the proposed rule this summer, the DOL appears set cheap moncler coats on having advisors cheap moncler jackets sale meet a fiduciary standard of advice, and NAFA officials acknowledged as much on Thursday.

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