abstract business

Hurricanes likely to delay Fed rate increase

Although economic losses from natural disasters are typically recovered because rebuilding stimulates growth, the timing of hurricanes Harvey and Irma likely will affect the Federal Reserve's plan to increase interest rates in December. US GDP growth is expected to be reduced in the third quarter because of Harvey, Barclays economists…

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Labor Dept. aims to postpone fiduciary rule’s compliance deadline

The Labor Department has filed with the Office of Management and Budget to delay by 18 months the January deadline for full compliance with the department's fiduciary rule. The OMB has 90 days to review the proposal. Investment Advisor

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Yellen: Risks that caused financial crisis remain

  The US financial system is safer than it was before the financial crisis but this is no time to become complacent about protecting the system's stability, Federal Reserve Chair Janet Yellen said at the central bank's annual conference in Jackson Hole, Wyo. She warned of "the all-too-familiar risks of…

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green percent

Interest rates will rise as populations age, report says

Aging populations, especially in Europe and Asia, will contribute to an increase in interest rates, researchers Charles Goodhart and Manoj Pradhan say in a new report. The research contrasts with the widespread expectation that aging populations will moderate growth and cause rates to fall. Bloomberg

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Lawyer: Fiduciary-rule announcement likely soon

Fred Reish, a partner in Drinker Biddle & Reath's employee benefits and executive compensation practice, said he expects the Labor Department to say this month or in the first half of September whether it plans to delay full effectiveness of its fiduciary rule beyond Jan. 1. Reish said he expects…

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Fiduciary rule comments show majority oppose the rule

The Labor Department's call for comments on a possible delay or repeal of the full implementation of its fiduciary rule has garnered thousands of responses. Early analysis indicates a majority of the industry opposes the rule, although some comments appear to favor implementation, albeit with modifications. PlanAdviser online

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Panel: Fiduciary rule likely to be delayed, not repealed

The Labor Department is likely to further postpone full enforcement of its new fiduciary rule, but that doesn't mean the agency will drop it entirely, members of a panel convened by The American College of Financial Services agreed. When the Labor Department finishes its review, it could revise its prohibited…

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Fiduciary rule a high priority for SEC, Clayton says

The Securities and Exchange Commission must bring "clarity and consistency" to the fiduciary duty of financial professionals, said Chairman Jay Clayton. He said he wants to work with the Labor Department to create protections that don't deprive Main Street investors of "affordable investment advice or products." Read Clayton's speech. ThinkAdvisor…

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Lawmaker prepares bill to repeal fiduciary rule

A House Financial Services subcommittee is scheduled Thursday to discuss legislation by Rep. Ann Wagner, R-Mo., that would replace the Labor Department's fiduciary rule with a best-interest standard for retail investment advice. The measure would require brokers to offer recommendations that "reflect reasonable diligence, care, skill and prudence" and to…

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Financial professionals have another chance to comment on fiduciary rule

The Labor Department is asking for comments on delaying the date its new fiduciary rule goes into full effect. In a separate request for information, the agency wants suggestions on how the rule could be improved. InsuranceNewsNet online (7/5),  The National Law Review (7/5) 

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