PBGC Assists Automotive, Trucker, Retail Pension Plans
The total assistance to three multiemployer plans amounted to more than $1.4 billion.
Regulation
Congressional Interest in Proxy Voting Services Escalates
The House Committee on Financial Services held two hearings related to proxy voting on Thursday.
Senate, House Advance Very Different SEC, IRS Spending Bills
House Republicans support blocking the SEC’s market structure proposals, but Senate Democrats do not.
PBGC Updates Terminated Single-Employer Plan Benefits
The PBGC updated ambiguous regulations and practices, such as when lump sum payments are acceptable under their trusteeship.
Supreme Court Will Hear Challenge to SEC Administrative Courts
The case has implications for the administrative and enforcement authority of many executive agencies beyond the SEC.
CFTC Imposes $145.7M Penalty on Fraudulent Silver Scheme
The scam, ongoing since 2014, involved selling silver coins to more than 200 investors, who then leased them back in exchange for monthly payments.
Five Multiemployer Pension Funds Bailed Out By PBGC This Week, Totaling More Than $2 Billion
The PACE Industry and National Integrated Group Pension plans make up the bulk of that amount.
Republican ESG Working Group Calls Out Proxy Voting
An interim report published by Republicans on the House Financial Services Committee argues that ESG lowers returns and that the proxy voting industry is unacceptably opaque.
House Democrats Express Misgivings About Some Market Structure Proposals
House Republicans have opposed these proposals for some time, but Democratic skepticism is also emerging.
Republican Spending Bill Would Cut SEC Budget, Block Market Structure Proposals
The legislation would also cut spending by the SEC and the IRS, targeting the agencies’ enforcement budgets.
PBGC Adjusts Quarterly, Monthly Interest Rates
Interest rates for late payment liability, ERISA 4044 annuity discount rates and variable rate premiums have been adjusted, the PBGC announced.
Barr Introduces Another Anti-ESG Bill in House
Mirroring language from Trump-era rules, the Ensuring Sound Guidance Act would require that only pecuniary factors be considered by fiduciaries in investment decisions.
Legislation Requiring Diversity Disclosures Introduced in House
The Improving Corporate Governance Through Diversity Act would require issuers to disclose information on diversity at the director and executive levels.
Pensions, Asset Managers Broadly Support Tick-Size, Access Fee Updates
The SEC proposed reducing exchange access fees and pricing increments for tick-constrained symbols in December 2022.
Bill to Protect Older Investors Against Scams Passes House
The proposed legislation would create a senior investor task force within the SEC.