With the outlook for the federal government settled, and narrow majorities in both the House and the Senate, we think states will continue to take an aggressive approach to legislation around regulation.

So now that we know the federal priorities, what can we expect to see at the state level? And how will LPL Government Relations continue to champion your causes?

“We think states will continue to take an aggressive approach to legislation around regulation.”

Let’s dive in

Currently, 39 states have one party with control of both state legislative chambers and the governor’s office. This makes it easier to enact legislation and quickly tackle issues.

In particular, LPL Government Relations will be watching the states to take action in our key policy areas:

  • Taxes and fees, because of the COVID-19 pandemic impacting state budgets and forcing legislators to search for alternative funding sources.
  • Fiduciary / Best Interest Standard, with many Democratic states arguing that Reg BI does not do enough to protect consumers and pointing to federal inaction.
  • Privacy and data security, as states look to protect consumers and hold tech companies to a higher standard.
  • Independent contractor status, following California and Massachusetts to enact an ABC Test to determine if a worker is an independent contractor or an employee.
  • Senior investor protection. More states will continue to adopt the NASAA Model Act for Senior Investor Protection in 2021. So far, 31 states have adopted the legislation.
  • Remote notarization and e-signature and other small business relief to allow businesses to operate remotely during the pandemic.

We have partners and advisors deployed in all 50 states to advocate on behalf of LPL Financial on these issues.

For more information or to get involved, please visit LPLGovernmentRelations.com.