Tuesday, March 16, 2010 Committee to unveil regulatory billThe Senate Banking Committee is today expected to unveil a bill that would overhaul the financial regulatory system in an effort to combat a future economic collapse.
If implemented, the bill would eradicate Wall Street's influence over the Federal Reserve Bank of New York. Meanwhile, the Federal Reserve would maintain much of its authority over banks and gain authority over non-bank financial firms.
According to Senate Banking chief Christopher Dodd, the top priority is the creation of a new mechanism to prevent firms from becoming so big that their failure would threaten the entire financial system. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 NCOA launching Straight Talk for SeniorsThe health reform debate has exposed older adults to a barrage of political spin and scare tactics, leaving many confused and worried about the future of Medicare. As a result, most seniors do not believe they are getting unbiased and comprehensive information about how health care reform will affect them.
Now the National Council on Aging (NCOA) is launching a consumer education campaign, Straight Talk for Seniors, laying out the facts about the health reform plan, explaining what it would mean for Medicare, and helping seniors weigh the pros and cons so they can make up their own minds.
The initial centerpiece of the campaign is a two-page fact sheet, Straight Talk for Seniors on Health Reform, designed for the older adult reader. NCOA President and CEO James P. Firman will announce the initiative, release the fact sheet, and make himself available to the media during NCOA's Aging in America 2010 conference, opening Monday, March 15, 2010, in Chicago. As additional details become available on the final health reform bill, the document will be refined.
"For 40 years, NCOA has proudly stood up for the interests of older adults, from supporting the passage of Medicare in 1965 to helping people understand and navigate complex benefits programs today," says Jim Firman. "Seniors know they can trust NCOA to provide the straight talk they want on this important and complicated issue." | Be the first to comment on this News | More in Retirement Planning | Send to a friend | Print |
Tuesday, March 16, 2010 Fed expected to hold rates steadyThe Federal Reserve is expected to hold interest rates around zero today and promise to keep rates low for an extended period of time.
Analysts expect the central bank to hold borrowing costs low for an extended period due to high unemployment and low inflation, but it could also offer a picture of an improving economy.
The benchmark rate has remained near zero since the end of 2008 in an attempt to help the economy recovery from the financial crisis.
Recently, signs have hinted at glimmers of improvement, but the momentum has been uneven thus far.
In addition, the Fed is expected to mention its plans to let its asset-buying programs end this month, as scheduled. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 Revenue holding steady for investment banks in 2010Worldwide investment banking revenues in 2010 could match levels seen in 2009, which would ease concerns about a significant drop, according to a recent report by Morgan Stanley and Oliver Wyman.
Revenues had been expected to face significant drops from levels seen last year, when income increased due to recovery in capital markets.
The report also found that upcoming regulatory changes and the continued fragility of the economy will continue to provide challenges for the industry, and will "reinforce the need for players to compete hard for share and improve trading efficiency. Banks will need to reposition around regulatory change, compete on scale, build outstanding risk management, and take clear decisions on reshaping the business."
Finally, underlying fixed income, commodities, and currencies trading revenues could diminish by 20 percent to 25 percent this year, but lower writedowns will make up much of the difference. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 Dodd: Congress must address financial reformSenate Banking Committee Chairman Christopher Dodd today said that Congress should not adjourn for its two-week Easter recess later this month without addressing financial reform.
According to Dodd, public demand for new regulation on Wall Street is too strong to delay waiting longer in a congressional election year.
His bill has received criticism from some Republicans, who oppose new regulation for the financial sector, while some Democrats argue that the measure doesn't provide enough for the public.
If passed on to the Senate, Democrats would need 60 votes to overcome procedural blocks from Republicans
According to Dodd, "We're on the right track here if we're being badgered by both sides. We think we're on the right track and the public really wants us to address these issues and they deserve an answer." | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 SEC commissioner expects target date recommendations soonTarget date funds are often described using language that is "vague and confusing," causing many investors to become disappointed by their performance, according to Luis A. Aguilar, a commissioner with the Securities and Exchange Commission.
Speaking at the Investment Company Institute's Mutual Funds and Investment Management Conference, Aguilar said this is one of the reasons why the SEC is looking at making new recommendations regarding the way target date funds are constructed.
Aguilar also said that when it comes to marketing money market funds, the mutual fund industry must improve its education of investors concerning the risks associated with the investments. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 Housing starts hurt by stormsHousing starts in the U.S. fell last month due to disruptions caused by winter storms, according to data from the Commerce Department.
Housing starts fell 5.9 percent to a seasonally adjusted annual rate of 575,000 units.
Meanwhile, January's housing starts were revised upward to 611,000 units from the previously reported 591,000.
Single-family homes saw groundbreaking down 0.6 percent last month to an annual rate of 499,000 units after an increase of 4.4 percent in January. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Tuesday, March 16, 2010 151A Capitol Hill fly-in slated for March 17On March 17th, opponents to SEC Rule 151A will congregate on Capitol Hill in an effort to urge congress to support Senate bill 1389, the Fixed Indexed Annuities and Insurance Products Classification Act of 2009.
S. 1389 is the companion bill to H.R. 2733, the Indexed Annuities and Insurance Products Classification Act of 2009, which would combat SEC Rule 151A from classifying FIA products as securities.
Those opposed say this rule adds unnecessary and ineffective regulation and that, as a result, customers will have fewer products to choose from, less providers to turn to, and the jobs of 140,000 Americans will be at risk -- concerning news amid an unemployment rate of 9.7 percent.
This fly-in was organized by the Independent Fixed Annuities Agents Council (IFAAC), along with NAFA and the Coalition for Insured Products.
For further information on this fly-in, click here. | Be the first to comment on this News | More in Annuities | Send to a friend | Print |
Tuesday, March 16, 2010 AUL unveils "The New 403(b) Frontier"To assist financial professionals in understanding new IRS requirements for nonprofit plan sponsors, the Retirement Services division of American United Life Insurance Company® (AUL) will host a series of Webinars to highlight the results of the AUL Retirement Services-commissioned study entitled The New 403(b) Frontier, Wednesday April 7 and Thursday, April 22 at 9 and 11 a.m.
During the Webinar, presentations will be given by AUL Vice President of National Nonprofit Sales Kevin Kidwell and Regional Vice President of Nonprofit Sales Jim Daniel on the survey findings. Additionally, they will discuss how financial professionals can use the survey findings with clients and prospects.
AUL Retirement Services, along with Indianapolis, Ind.- based Jackson Group, conducted a first-of-its -kind survey where 700 nonprofit plan sponsors from the micro and small market segments in Calif., Col., Fla., Ill., Mass., Tenn. and Washington were asked broad-based questions about their understanding of fiduciary responsibilities, 403(b) regulations and the Pension Protection Act. Contrary to historical research, the respondents expressed confidence in their understanding of these issues. However, after being asked more detailed questions, a much lower percentage of respondents expressed the same level of understanding, leading to the conclusion that plan sponsors are behind in becoming compliant with new 403(b) regulations.
The New 403(b) Frontier builds upon previously released programs for advisors wishing to break into the 403(b) market, including: Investment Advisor Services, the company's exclusive business-building service that expands distribution channels to work with Registered Investment Advisors (RIAs) and Investment Advisor Representatives (IARs) by offering Web-based investment modeling tools and AUL Retirement Services' TPA Distribution Strategy. | Be the first to comment on this News | More in Retirement Planning | Send to a friend | Print |
Tuesday, March 16, 2010 SAP® BusinessObjects(TM) Planning and ConsolidationIn an effort to further help organizations streamline the entire capital-expenditure planning process, SAP AG today announced a starter kit for capital planning available for the SAP® BusinessObjects(TM) Planning and Consolidation application. Often capital planning is done manually by aggregating content from individual spreadsheets or building custom applications.
The new starter kit provides an automated way to request, plan, model and evaluate large, complex projects as well as smaller, simpler ones. The announcement was made at Financials 2010, being held in Orlando, Fla., March 16-19.
Developed in collaboration with SAP partner Aster Group, the starter kit is especially helpful for organizations in capital-intensive industries like automotive, chemicals and oil and gas. Pre-built templates and content guide business users through the planning process, and can be tailored to meet their specific needs. The starter kit features embedded analyses of investment returns using industry-standard methodologies such as internal rate of return and payback period. It can be used as a stand-alone solution, or with customers' existing deployments of SAP BusinessObjects Planning and Consolidation, version for the Microsoft platform. | Be the first to comment on this News | More in Income Planning | Send to a friend | Print |
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