Elections, Legislation, & Regulations:
President Biden and the Securities & Exchange Commission's (SEC's) Aggressive Rulemaking Agenda, the 2022 Mid-Term Congressional Elections, and Potential Post Election Stagnation

Recently Released!!!
Date Published: August 31, 2022
Summary PowerPoint Deck: 287 Slides

Reference PowerPoint Deck: 1,037 Slides

The purpose of this research is to provide readers with a comprehensive understanding of current (and pending) legislation & regulations that affect the financial services industry, and specifically the wealth & investment management industry. This research will also address the 2022 mid-term congressional elections and the evolving legislative & regulatory priorities that may follow. This research is part of Tiburon's broader coverage of financial services industry key driving factors.

This research begins with a context setting chapter, addressing the reasons that Tiburon follows elections, legislation, & regulations, as well as the practical experience in wealth & investment management.

This research includes a history of past elections, legislation, & regulations, including these phases:
  • Bank Regulation Phase
  • Securities & Investments Acts Phase
  • Glass Steagall Repeal Phase
  • Wall Street Reform Phase
  • Economic Stimulus Phase
The history chapter outlines the key financial services, and specifically wealth & investment management laws, including the National Bank Act of 1864, Federal Reserve Act of 1913, Securities Act of 1933, Banking Act (Glass-Steagall) of 1933, Securities Exchange Act of 1934, National Housing Act of 1934, National Housing Act Amendment of 1938, Trust Indenture Act of 1939, Investment Advisers Act of 1940 , Investment Company Act of 1940, Bank Holding Company Act of 1956, Self-Employed Individual Tax Retirement Act of 1962, Emergency Home Finance Act of 1970, Employee Retirement & Income Security (ERISA) Act of 1974, Securities Act Amendments of 1975, Revenue Act of 1978, International Banking Act of 1978, Economic Recovery Tax Act of 1981, Tax Reform Act of 1986, Money Laundering Control Act of 1986, Uniform Prudent Investor Act (UPIA) of 1994, Data Protection Directive (Europe) of 1995, Small Business Job Protection Act of 1996, Taxpayer Relief Act of 1997, Gramm-Leach-Bliley Act (GLBA) (Glass-Steagall Act Repeal) of 1999, Economic Growth & Tax Relief Reconciliation Act of 2001, Sarbanes-Oxley Public Company Accounting & Investor Protection Act of 2002, Tax Increase Prevention & Reconciliation Act of 2005, Pension Protection Act (PPA) of 2006, Patriot Act of 2008, Secure & Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, Troubled Asset Relief Program (TARP) of 2008, Credit Card Accountability Responsibility & Disclosure (CARD) Act of 2009, American Recovery & Reinvestment Act (Recovery Act) of 2009, Dodd Frank Wall Street Reform & Consumer Protection Act of 2010, Patient Protection & Affordable Care Act of 2010, Jumpstart Our Business Startups (JOBS) Act of 2012, General Data Protection Regulation (GDPR) of 2016, Tax Cuts & Jobs Act of 2017, California Consumer Privacy Act (CCPA) (California) of 2018, Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Coronavirus Aid, Relief, & Economic Security (CARES) Act of 2020, the American Rescue Plan Act of 2021, and the Inflation Reduction Act of 2022.

And the research concludes with several future predictions for elections, legislation, & regulations, including:
  • Continual Broad Revocation of President Trump's Immigration Policy But Limited Resolution of the Illegal Immigrant Situation & the Path to Citizenship
    • Tightening of Border Controls
    • Providing Assistance to Central American Nations
    • Pathway to Citizenship for Undocumented Workers, Especially Dreamers
  • Lengthy Implementation Period for Inflation Reduction Act with Uncertain Benefits
    • Revenue Generation Sources
      • Creation of a 15% Corporate Minimum Tax Rate
      • Internal Revenue Service (IRS) Tax Enforcement
      • 1% Excise Tax on Stock Buybacks
      • Prescription Drug Price Reform
      • Loss Limitation Extension
    • Spending Plans
      • Energy Security & Climate Change Initiatives
      • Internal Revenue Service (IRS) Tax Enforcement
      • Affordable Care Act (ACA) Subsidy Extension
      • Western Drought Resiliency
      • Budget Deficit Reduction
  • Limited Tax Rate Changes Due to Reduced Economic Spending Plans
    • Corporate Tax Rate
    • Personal Income Tax Rate
    • Long-Term Capital Gains Tax Rate (Including Carried Interest Resolution)
    • Estate Tax & Exemption
  • Implementation of Student Loan Relief Plan
    • Forgive $10,000-$20,000 Debt
    • Repayments Capped at 5% of Monthly Income
    • Loan Repayment Pause Extended through 2022
  • Continued Delay of Social Security Reforms
    • Increasing Contributions
    • Raise Retirement Age
  • Migration to the Fiduciary Standard, Not Reg BI
    • Securities & Exchange Commission (SEC) Best Interests Standard
    • Department of Labor (DoL) Prohibited Transaction Exemption
    • States Fiduciary Rules
  • Continuing Aggressive Securities & Exchange Commission (SEC) Rulemaking Agenda Addressing Brokerage Issues, Advice Issues, Retirement Plan Issues, & Investment Management Issues
    • Brokerage Issues
      • Gamification
      • Cryptocurrencies
      • Payment for Order Flow
    • Advice Issues
      • Required Minimum Distributions (Secure Act)
      • Cybersecurity & Data Privacy
      • Advertising Rule (Client Testimonials)
      • Mandatory Arbitration Clause
      • Custody Rule
    • Retirement Plan Issues
      • Prohibited Transaction Exemption
      • Incorporation of Annuities
      • Sustainable Investing (ESG) Rules
    • Investment Management Issues
      • Chinese Stock Listings
      • Russia Market Exit
      • Money Market Funds Regulations
      • Accredited Investor Definition
      • Carried Interest Tax Rate
      • Private Market Disclosure
  • Continual Strengthening of Consumer Protection
    • Consumer Financial Protection Bureau
    • Data Protection
    • Senior Safe Act
  • Broadening of Corporate Regulations
    • Diversity Reporting
    • Compensation (Pay versus Performance) Reporting
    • Sustainability (ESG) Reporting
  • Battle for Both Houses of Congress with Mid-Term Congressional Elections Three Months Away
    • Key Drivers
      • Economy
      • Former President Trump
      • Supreme Court Abortion Decision
      • College Debt Relief
    • Election Predictions
      • 2022 Senate Elections
      • 2022 House Elections
  • Potential for Post Election Stagnation
    • Likely Probes if Republicans Win House
  • Evolving Candidates for 2024 Presidential Election
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