You should be able to keep your financial adviser. Unfortunately, the Department of Labor's (DOL’s) recently proposed “fiduciary rule” threatens this option.
In his 2,312 days in office, President Obama’s administration has finalized 2,210 new regulations that impose a new compliance burden of $659.6 billion. That “One-a-Day” pace means that the regulatory burden has risen by an average of $285 million per day; $11 million per hour; $198,000 per minute; or $3,300 per second of his time in office. Put differently, the regulatory burden has risen by roughly $100 billion per year or $1 trillion over the 10-year budget window.
Yesterday AAF participated in the Peterson Foundation Fiscal Summit 2015 and unveiled “Balanced: 2028,” its plan to address major social, budgetary and economic needs. One way to think about such a plan is to look at its constituent parts: comprehensive tax reform, reforms to Medicare and Medicaid, immigration reform, funding for defense and other priorities.
With another round of weak economic data and the specter of prolonged growth at the anemic pace of 2.1 percent per year, one would think that proposals to raise economic growth would be of central importance. The beginning of the 2016 White House race has delivered some proposals — candidates Rubio, Paul, Perry, Huckabee, Cruz and Christie have all discussed tax reform ideas as a central part of growing more rapidly — and candidates Bush and Christie have laid out specific growth targets.
Senators David Vitter and Elizabeth Warren have introduced bipartisan legislation restricting the Federal Reserve’s ability to act as a lender of last resort without Congressional approval. Specifically, the bill requires that a Fed emergency-lending program encompass at least five or more institutions.
March was the worst month for economic growth since the Great Recession. While official Gross Domestic Product (GDP) figures are computed and released quarterly, the private firm Macroeconomic Advisers produces a monthly estimate of GDP.
A pivotal moment in health policy looms with the Supreme Court’s decision in King v. Burwell, the case that hinges on whether the Internal Revenue Service overstepped its legal authority by paying subsidies to individuals who use the federal exchange in 37 states. If the court rules for King the flow of subsidies will stop to about 7.7 million individuals. In the absence of the subsidies, insurance would become “unaffordable” for some, earning them an automatic exemption from the individual mandate.
This past Thursday, AAF hosted “Reforming the Regulatory State.” The event featured a panel discussion, but was kicked off with a keynote address by Senator Lamar Alexander. The Senator focused part of his remarks on the regulatory burdens placed on colleges and universities. Vanderbilt University hired a consulting group to find out what it cost the university to comply with federal regulations. The stunning answer: $150 million or $11,000 for every student.
According to news reports, the Organization of the Petroleum Exporting Countries (OPEC) doesn't expect oil prices anywhere near $100 per barrel over the next decade. The main reason: the emergence of North America, in general, and the United States, in particular, as a world production powerhouse. In the presence of new supply from North America, OPEC gave up using production limits or quotas to keep global oil prices high.
The idea behind Accountable Care Organizations (ACOs) is for individuals to have a single entity that coordinates all of their health care; eliminating duplication and waste, encouraging prevention, and managing chronic conditions more efficiently.