Legislative Update - Summer 2018

Jul 24, 2018 | By Jon Vogler

Jon Vogler
Senior Analyst,
Retirement Research,
Invesco Consulting

The recently-introduced Commission on Retirement Security Act of 2018 (listed in the “Retirement reform” section below) would establish a federal commission to review private retirement benefit programs and report to Congress on how to improve private retirement security in the United States. The bill follows up on a 2017 report from the Government Accountability Office calling for Congress to comprehensively examine the US retirement system and make recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security.

On the regulatory front, the Fifth Circuit Court of Appeals issued a mandate on June 21 officially implementing its March 15 ruling to vacate the Department of Labor (DOL) fiduciary rule in its entirety. Full attention now turns to the Securities and Exchange Commission (SEC) proposals released on April 18 for standards of conduct for broker-dealers and investment advisors. The SEC said in its accompanying press release that the proposals were designed to enhance the quality and transparency of investors’ relationships with broker-dealers and investment advisors while preserving access to a variety of types of advice relationships and investment practices. A public comment period on the SEC proposals ends on August 7.

Download the PDF to learn about bills that are actively being considered by Congress at this time. For more information on these and other bills, go to the Library of Congress website at https://congress.gov/