Finance, Insurance Industry Leaders React to Trump Victory

In its statement, the Falls Church, Virginia-based National Association of Insurance and Financial Advisors underscored its commitment to work on behalf of its members with the new present and Congress. The association also acknowledged the significant policy shifts that could arrive along with the Trump administration, including:

• • The potential revision or repeal of the U.S. Department of Labor fiduciary rule.
  • A reshaping or repeal of the Affordable Care Act.
  • Several tax reform proposals.

"NAIFA and our members possess a profound expertise on insurance and financial matters," said Paul Dougherty, the organization's. "That makes us the ideal association to educate Congress and regulators about the real-life effects of their decisions on people who are preparing for retirement, running small businesses, managing health- and disability-related risks, and protecting the long-term financial security of their families."

Dale Brown, president and CEO of the Washington-based Financial Services Institute released a statement early Wednesday morning, almost as soon as the results were finalized.

"The American people have spoken and we congratulate President-Elect Donald Trump on his election," Brown wrote. "We stand ready to work with his administration in ensuring Main Street Americans have access to objective and affordable financial advice as they save for a dignified retirement, pay for their children's education and help care for aging parents. We also congratulate all who won election to Congress and renew our commitment to work constructively with both sides of the aisle to find common ground, end gridlock and do what's right for Americans who want to save and invest for their future."

The Washington-based Financial Services Roundtable said in its post-election statement that it plans to "act swiftly to enact policies to improve the economy, grow good-paying jobs, encourage innovation, and protect both consumers and taxpayers." 

The financial services advocacy organization outlined its policy priorities for 2017:

• • FinTech policy and collaboration.
  • Federal regulatory transparency.
  • Housing finance reform.
  • Tax reform.
  • Cybersecurity.
  • Trade.
  • Retirement security policy.
  • Insurance capital ctandards.
  • Flood insurance.

"Our country faces big challenges, but it also has incredible opportunities for innovation and growth that will provide a brighter future for people who need hope and help," Tim Pawlenty, CEO of the Financial Services Roundtable, said in the statement. "The new administration and Congress should enact policies that grow the economy, spur innovation, protect both consumers and taxpayers, add good-paying jobs, and help more Americans reach their financial goals."  

In the employee benefits world, National Pension Partners, the Cottonwood Heights, Utah-based network of pension specialists, encouraged members to capitalize on the anticipated changes as a result of the election.

"It is now that you must plan to lower your tax bill," the organization said in a post-election briefing. "Receive deductions now and take out when taxes are lower. .. Under a Trump presidency, some day they should be lower."

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• Trump, GOP Could Torpedo DOL Rule, Dodd-Frank
• Will Trump Kill Obamacare?
• Trump's Victory Will Reshape Financial Rules, Supreme Court
• Ryan: What to Expect if Trump Wins, GOP Controls Congress