The U.S. Department of the Treasury submitted a report to the White House last week on core principles for regulating the U.S. Financial System. The report, which was prepared in response to an Executive Order issued by President Trump in February, touches on a host of issues relevant to our industry (FIO, ERISA and the DOL Fiduciary Rule, NAIC Data Security Model Law, etc.), including the National Association of Registered Agents and Brokers (NARAB).
The Council has long championed the creation of a national producer licensing clearinghouse, and is very pleased that this report indicates strong Administration support to address licensing inefficiencies and to constitute the NARAB Board—particularly after the Senate refused to approve the board nominees put forward by President Obama last year and subsequently caused a delay in the creation of NARAB since that time.
The report indicates that Treasury will take steps to “expeditiously recommend” nominees to President Trump who can be sent to the Senate for confirmation.