DSC_0265One of the “greatest challenges” we face as a nation is the ability to make smart decisions and create sound policy that effectively will address the U.S. deficit, Sen. Jon Tester (D-MT) told NAIFA members today during the National IFAPAC and APIC Training Meeting in Washington.
Tester, a member of the Senate Banking Committee, said officials need to create policy “that will encourage all Americans to save and make plans for their future.” The current tax rules that apply to insurance and annuity products “have been an invaluable incentive to encourage Americans to make smart decisions in their financial planning.”
Tax treatment of insurance products was among the issues NAIFA members discussed in the nearly 170 meetings held with legislators and their staff during today’s “Day on the Hill” event. Other issues on the agenda included the negative impact the healthcare reform law’s “medical loss ratio” rules have had on the ability of agents to serve their clients; and the important role NAIFA members play in providing advice, services and products to middle market investors and Main Street Americans.
In his remarks, Tester also commented on the following issues:
Department of Labor’s reproposal to define the term “fiduciary”: “The original proposal would have curtailed investors’ ability to receive investment advice. Thankfully the DOL is reconsidering. At a time of uncertainty, this is not the path we should be headed down.”
SEC standard of care: “As a member of the Banking Committee, I worked to make sure (that Dodd-Frank) provided the right context to standard of care. I did not want to force advisors into a single standard. Efforts to harmonize should result in better protection for consumers … and should not increase costs.”
DSC_0253The role of the insurance agent and financial advisor: “The role you play is essential to providing peace of mind for families and small businesses, and to keeping communities strong. … You wouldn’t be successful in your jobs unless you cared about advising your clients.”
On Wall Street: “On Wall Street, some went too far in betting against their clients’ interests. Main Street should not have to pay for the sins of Wall Street. Main Street did not cause the (U.S. financial) crisis.”