DEPOSIT INSURANCE: Would permanently increase the level of insurance to $250,000 on accounts at banks, thrifts and credit unions. The provision could encourage clients to keep more cash in banks rather than advisor accounts, especially those who exited the equities market in the last two years.
FINANCIAL PLANNERS: Directs the Government Accountability Office to study the adequacy of state and federal regulations aimed at protecting investors from people holding themselves out as financial planners by using misleading titles, among other things. The study will also examine possible benefits of oversight for financial planners. Findings could possibly lead to regulation of financial planners and recognition of the area as an independent profession, a goal of some trade groups that represent planners.
INSURANCE: States would continue to regulate equity-indexed annuities rather than the SEC. SEC regulation could have meant new rules on marketing and sales. States also would continue to regulate insurance products, but a new Federal Insurance Office would monitor the industry and study possible changes in regulation.
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