Today, the U.S. House of Representatives passed a spending package providing relief to the millions of Americans impacted by the coronavirus (COVID-19) pandemic. The legislation, which passed the Senate earlier this week, includes provisions relaxing restrictions on workers taking loans from their retirement accounts and a temporarily waives required minimum distributions for certain retirement savings. The Financial Services Institute (FSI), as part of a coalition, had advocated for the inclusion of these measures.
“We applaud Congress for passing this critical legislation,” said Dale Brown, FSI’s President & CEO. “During this time of economic uncertainty, Main Street Americans should have the ability to access and manage their savings and investments in a way that best meets their financial needs, whether it is taking a loan from their 401(k) or choosing not to withdraw funds. We ask President Trump to swiftly sign this relief bill into law.”
FSI had also sought to have a provision reinstating the tax deductibility of advisory fees included in the bill. This would provide some financial relief to many Americans who are seeking professional financial advice due to the market turmoil. FSI encourages Congressional leaders to include this valuable measure in future legislation.
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