Federal Reserve chief Janet Yellen told an audience in London that another financial crisis "in our lifetime" is unlikely and that banks are much stronger than before. Yellen also rejected calls to significantly ease financial regulations.
Legislation in both chambers of Congress would give a phased-in increase to the $3.35 billion budget of the Federal Aviation Administration's Airport Improvement Program. However, about $100 billion during the next five years is necessary for all infrastructure enhancements that airports need, according to Airports Council International -- North America.
Advocacy organizations and construction workers in Charlotte, N.C., are encouraging local officials to enhance policy enforcement to safeguard workers on job sites. Workers have reported wage theft, unsafe conditions and lack of training.
Most financial analysts contend that the long-running stock market rally must come to an end at some point, which could have an adverse effect on retirement savings. Columnist Katie Brockman outlines precautions investors can take in advance to minimize the consequences of a downturn.
The Financial Services Institute has appointed Dean Harman of Harman Wealth Management as the chair for 2018 and named three others to director positions: Ed Forst, president and CEO of Lincoln Investment Planning; Chris Maryanopolis, president of Signator Investors; and Scott Spiker, chairman and CEO at First Command. Of his appointment, Harman said: "When I become chair next year, I will be the second financial advisor to do so, and it shows just how seriously FSI is in fighting for independent financial advisors. With so much happening in Washington and the states, FSI is more critical than ever, and it's a great honor to lead the board in these challenging times."
The business of estate planning has additional complexities when the client is a single parent. Estate law attorney Jason Smolen lists the five questions planners must ask those clients to help them prepare for all contingencies.
The cost of annuities and life insurance could become about 3.3% higher if the US applies a border-adjustment tax to international reinsurance arrangements, the R Street Institute think tank says in a report. Placing a 20% tax on non-US life reinsurance would pull about $5.4 billion of capital annually from the US life insurance industry, the report says.
Lengthening life spans are prolonging retirements, and the danger exists that taking a retirement-plan lump sum rather than an annuity can lead to retirees outliving their savings, experts say. Plan participants who take their payment all at once exhaust that money in 5.5 years on average, according to a MetLife study.
The Securities and Exchange Commission on Tuesday had received 41 comments regarding the issue of a fiduciary standard for professionals offering retirement advice. The industry would prefer that the SEC and not the Labor Department impose such a standard, but doubts exist over whether that can still happen since Labor's fiduciary rule began taking effect June 9.
A national brokerage is acquiring a major financial-services company's commercial-insurance business and its 55 locations. The companies did not disclose terms of the deal, which is expected to close in the fourth quarter.
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