Preparing for a New Year: NAFA Continues to Be Your Voice
MESSAGE FROM NAFA
The 2016 presidential election is over and the biggest question for NAFA members is how the Trump victory will impact the status of the DOL fiduciary rule. Different sources in the Trump camp have commented that a Trump administration will repeal the fiduciary rule. Trump himself has been very vocal on overturning many of the Obama-era regulations that he believes will hurt economic growth. For NAFA members and our industry, the real question is timing. How soon after Trump is sworn in this January can he stop the DOL rule before April’s applicability date?
NAFA continues our efforts on Capitol Hill with senators and representatives to stop the DOL rule before the implementation in April. Rep. Ann Wagner (R., Mo), who has been one of the biggest opponents of the rule, said that the Republicans will fight to delay or dismantle the rule. She believes it will prevent many Americans from getting access to financial advice on their retirement money. House Speaker Paul Ryan (R., Wis.) has also commented that the DOL rule is on the agenda for discussion with Mr. Trump, according to his office.
The NAFA lawsuit vs. the Department of Labor was filed last June and our hearing was held in Washington, D.C. on August 25, 2016. After 70 days, Judge Randall Moss denied the preliminary injunction and ruled in favor of the DOL on the merits of upholding the rule. Judge Moss released his ruling late Friday afternoon on November 4, just days before the election. NAFA has moved forward with our appeal and will continue our efforts to stop the DOL rule through the courts.
We continue our efforts on all fronts – through the courts, through legislation on the Hill and with the new Trump administration, to make sure that all Americans will continue to have access to annuity products for their retirement planning. We appreciate and need your continued support in our efforts.
Charles R. “Chip” Anderson
Executive Director, NAFA