The sponsor of a New York bill that would require nonfiduciary financial advisers to disclose that they aren't required to act in their clients' interests plans to reintroduce the measure, after it died without a floor vote in the New York State Assembly. Similar measures in Illinois and New Jersey have failed to come up for votes but remain under consideration.
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The Consumer Financial Protection Bureau is one of three agencies joining the Justice Department on a task force to combat fraud. The coordinated effort is expected to keep multiple agencies from fining companies for the same behavior.
Trade discussions between the US and China have stalled, but US Treasury Secretary Steven Mnuchin says the Trump administration is open to negotiations and is wanting not necessarily tariffs but fair trade. Chinese Commerce Ministry spokesman Gao Feng says that US companies should lobby their government to "defend their own interests" and that no talks are underway, although Commerce Vice Minister Wang Shouwen has called for both sides to meet.
UK Prime Minister Theresa May has released her post-Brexit blueprint to stay tied to the EU single market; it drops mutual recognition of regulations and an all-access "passporting" deal for the financial-services industry. The "Brexit white paper is a real blow for the UK's financial and related professional-services sector," said Catherine McGuinness, the City of London's policy chairwoman.
President Donald Trump says implementation of UK Prime Minister Theresa May's Brexit strategy would "probably kill" any chance of a trade agreement between the US and the UK. "If they do a deal like that, we would be dealing with the European Union instead of dealing with the UK," he says.
Paying off debt is the top financial priority of 33% of baby boomers, 32% of Gen Xers and 27% of millennials, according to the Transamerica Retirement Survey. The survey also finds that few people have significant emergency savings and that more than 25% of people in each age group have taken a loan, an early withdrawal or a hardship withdrawal from retirement accounts.
Republican and Democratic senators said they will work to enact legislation that would give Congress a voice on whether the US imposes tariffs on national security grounds. However, House Speaker Paul Ryan, R-Wis., said Congress would do better to cooperate with the Trump administration to change policy.
The number of 401(k) plans offered by small businesses rose to 8,873 last year, compared with 1,418 in 2013, according to the Vanguard Retirement Plan Access report. Jean Young, author of the report, says she expects professionally managed allocations such as target-date funds to be increasingly used in the small-business marketplace.
Managing chronic conditions and lowering health care costs can provide more money for retirement savings, according to a white paper from HealthyCapital. For example, the paper shows a 45-year-old woman with Type 2 diabetes and high cholesterol could save $3,300 a year by managing her conditions, which could turn into $108,000 in additional retirement savings over 20 years with a 6% annual return.