NAIFA Advocacy: The One Constant in a Sea of Change

Kevin Mayeux, CAE

President Donald Trump took office in January promising to reshape our country’s regulatory landscape and tackle big issues like health care and tax reform. The 115th Congress includes 59 freshman members, many of whom were unaware of issues affecting NAIFA members and their clients. For the first time since 2011, the same political party holds the White House and majorities in both houses of Congress.

Amid all the change, one rock-solid constant remains: NAIFA is the preeminent advocacy group representing the insurance and financial-services industry, advisors, and their clients. And our influence is stronger than ever.

One of Trump’s early presidential memos led to the Department of Labor’s decision to delay the applicable date of the Obama administration’s fiduciary rule. The delay is a direct result of the efforts of NAIFA and our industry partners. We continue working with the DOL as it reviews the rule and with the administration as it does away with other burdensome regulations that harm your business.

NAIFA’s clout extends to members of Congress. Earlier this year, the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access sought NAIFA’s expertise for a hearing on cafeteria plans and pass-through businesses. NAIFA Treasurer Matt Tassey testified and urged Congress to expand cafeteria plans to permit long-term-care insurance plans and to reconsider rules prohibiting certain businesses owners from participating in the plans.

At the beginning of May, NAIFA’s ability to educate and influence Congress was on display once again when the Senate passed a bill, subsequently signed into law, which ensures that state-run retirement plans have to comply with the same consumer-protection rules as free-market plans.

NAIFA sent letters to all 535 lawmakers and urged advisors to contact their senators to support the bill. NAIFA key contacts also made personal phone calls to important congressional offices, while NAIFA representatives met with members of Congress. The result was a very important legislative win for NAIFA. It ensures that state governments cannot use an unfair advantage, to the detriment of consumers, if they choose to compete against the strong free-market retirement products already available to workers and provided by many NAIFA members.

While it’s satisfying to reflect on NAIFA’s accomplishments, our focus is fixed on the future. We remain vigilant as DOL reviews its fiduciary rule, committed to ensuring that regulations do not interfere with the ability of advisors to serve their clients. NAIFA is also poised to play a major role in tax-reform discussions to ensure that tax policy encourages people to prepare for retirement, look after their loved ones, and secure their financial futures.

No matter how the government changes, NAIFA will always look after your interests and those of your clients.