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Fighting the DOL final rule: NAFA calls for support of S.J. RES. 33; NAIFA members on Capitol Hill Wednesday

Brian Anderson

WASHINGTON, D.C. — On Tuesday, May 24, 2016, the United States Senate is scheduled to vote on S.J. Res. 33, a resolution of disapproval of the DOL fiduciary rule. The House passed a similar measure in late April. These resolutions could overturn the DOL rule, but President Obama has indicated he will veto the measure should it pass.

“Regardless, WE MUST show strong support for this Senate resolution to send a message to Congress and the Administration,” said a message sent to National Association for Fixed Annuities (NAFA) members on Monday.

NAFA is urging its members and interested professionals to call their U.S. Senator today to ask for support of the resolution.

“You might think that a phone call will not change anything; however, Senate offices keep a tally of the number of calls they receive and the more contacts we make the better chance we have of passing this resolution,” NAFA’s message stated.

Anyone interested can use the following link to find contact information for the Senators of their state, and enter resident contact information: http://www.senate.gov/senators/contact/

NAFA is asking people to leave the following message when calling:

I am in the fixed annuity retirement business and strongly oppose the new DOL fiduciary rule. This rule will hurt my business and the clients I serve. I urge (state your Senator’s name) to vote “Yes” on S.J. Res. 33 to overturn this harmful rule.

(Note: The office will ask for your name and address to verify that you are a constituent.)

Led by Senator Johnny Isakson (R-GA), dozens of Republican senators introduced resolution S.J. Res. 33 on April 18, 2016 to stop the implementation of the Department of Labor’s (DOL’s) final rule addressing conflicts of interest in retirement advice and defining the term “fiduciary” for ERISA purposes.

In related news, members of the National Association of Insurance and Financial Advisors (NAIFA) are meeting in Washington this Tuesday and Wednesday for the NAIFA 2016 Congressional Conference, and will spend Wednesday, May 25, meeting with lawmakers to discuss the DOL Rule and other important issues.

“The DOL’s final rule changed many of the most troubling provisions contained in earlier drafts, but it remains to be seen how the rule might affect the product offerings of financial institutions or the restrictions these companies might place on advisors,” NAIFA President Jules Gaudreau said. “Our members are eager to meet with lawmakers to discuss the DOL rule and other important issues that could impact our industry and ability to serve consumers.”

NAIFA members also will urge legislators to create tax reform policy that encourages consumers to plan ahead, protect their families’ financial security and adequately save for retirement. “We need proposals that strengthen – not weaken – the ability of 75 million American families to continue to rely on life insurers’ products to secure their futures,” Gaudreau said.

Today, registrants are attending an advocacy briefing at the Gaylord Hotel at National Harbor. Tomorrow, the 800 attendees will go to Capitol Hill for meetings with their Senators and Representatives.

In June, NAFA members will head for Washington for the NAFA Annuity Leadership Forum and Hill Walk. This year’s event takes place June 8-10.



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