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As the days on the U.S. Senate calendar tick away, industry groups are trying a last-ditch push to get its favored retirement-security bill a vote.
In a letter this week to Senate Majority Leader Mitch McConnell, R-Kent., Sen. Tim Scott, R-S.C., lobbied for immediate Senate consideration of the bipartisan Setting Every Community Up for Retirement Enhancement (Secure) Act. The bill passed the House by a 417-3 vote on May 23.
Since then it has languished in the upper chamber, where nothing happens until McConnell wants it to happen.
The American Council of Life Insurers are among industry trade groups leading the push for consideration of the bill, which it says will help 700,000 workers at small businesses save for retirement.
JoAnn M. Martin will retire from Ameritas Mutual Holding Company and Ameritas Holding Company as chief executive officer and Ameritas Life Insurance Corp. as chair, effective Jan. 10, 2020. The Boards of Directors named William W. (Bill) Lester to succeed Martin.
Martin will continue to serve as a director and vice chair of the boards of AMHC, AHC and ALIC.
“The opportunity to lead is a privilege,” Martin said. “I thank everyone at Ameritas for their commitment to the organization.”
Martin was elected Ameritas chief executive officer in 2009. She joined Ameritas, then called Bankers Life Nebraska, in 1984 as an audit division manager. Martin rose through the company, serving the next 35 years in various key leadership roles. As CEO, Martin set the pace and was essential to the growth of Ameritas.
Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, issued the following news release:
Congresswoman Maxine Waters , Chairwoman of the House Financial Services Committee, and Senator Sherrod Brown, D-OH, Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to heads of the Federal Reserve, Office of the Comptroller of the Currency, Securities and Exchange Commission , Federal Deposit Insurance Corporation , and Commodity Futures Trading Commission condemning their recent actions to roll back safeguards put in place after the 2008 financial crisis to stop risky trading and investment activities by Wall Street megabanks.
In the letter, the Members requested more information about the 2019 changes to the Volcker Rule and urged the agencies to protect taxpayers instead of Wall Street.
AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.