The Treasury Department has announced that it will be phasing out the retirement savings program called myRA because it was not considered cost effective, reports ThinkAdvisor. Demand for the program, launched in 2014, has been “extremely low,” according to the Treasury. See the full story below. Also, investment advisor exams by the SEC could rise as much as 30 percent this year, according to the acting director of the OCIE. Financial Advisor reports on the details. The increase is primarily due to shifting some OCIE broker-dealer examiners to investment advisor duty, the publication states. See the link below.
Treasury to Wind Down Obama MyRA Program
By Melanie Waddell
Treasury building in Washington.
The Treasury Department said Friday that it plans to wind down the myRA, the retirement savings program launched by the Obama administration in 2014, after a “thorough review” by Treasury found the program was not cost effective.
Number Of SEC Advisor Exams Could Go Up 30% This Year
By Ted Knutson
Source: Financial Advisor
SEC exams of investment advisors could go up 30 percent this year, said Pete Driscoll, acting director of the Office of Compliance Inspections and Examinations (OCIE). The share of all SEC-registered advisors examined by OCIE may surge to 15 percent from last year’s 11 percent, Driscoll predicted recently.