First Fiduciary Rule Lawsuit Filed: Pensions & Investments reports that the first lawsuit challenging the Department of Labor’s new fiduciary investment advice rule was filed last week in a Texas federal court, arguing that the new rule exceeds the DOL’s authority and is arbitrary and capricious, in violation of the Administrative

Procedure Act.

Financial Industry Trying to Block SEC’s CAT: Bloomberg reports that the financial industry is spearheading a lawsuit to halt the Securities and Exchange Commission's rollout of the Consolidated Audit Trail, arguing it infringes on privacy

and requires undue costs to be imposed on financial firms.

FTC Sued Over New Non-Compete Ban: Accounting Today reports that the Federal Trade Commission was sued in a Texas federal court last week over its rule outlawing non-compete employment agreements, claiming the ban would impose an extraordinary burden on businesses seeking to protect their intellectual property

and retain top talent within the professional services industry.

Money Declining for Opportunity Zone Investments: Financial Times reports that money is drying up for opportunity zones, as investors balk at inflation, higher

interest rates and the looming expiration of a lucrative tax benefit.

Buybacks Are Back, Despite Biden Plan to Tax Them: The Wall Street Journal reports that companies are stepping up repurchases of their own shares, which is

giving a resurgent stock market an extra boost.

Money Markets Prepare for New SEC Rule: Bloomberg reports that five money market funds announced that they had plans to convert to government-only holdings to avoid SEC measures taking effect this year that will make it more costly to withdraw money from funds in times of financial volatility.

giving a resurgent stock market an extra boost.

Biden Trying to Protect His Regs if Trump Wins: The Wall Street Journal reports that senior Biden aides have set off a behind-the-scenes scramble to Trump-proof as many regulations as they can before they become vulnerable to being

overturned under the Congressional Review Act.

Social Security, Medicare Running Out of Money: The Washington Post reports that Social Security and Medicare will run out of money in just over a decade, a new report warned Monday, putting fresh pressure on Congress to address the nation’s

financial health as federal debt rises and the population ages.

Significant 2026 Tax Hike Could Result From Expiring Provisions: Tax Foundation reports that if provisions in the Tax Cuts and Jobs Act expire all at once in 2025, without congressional action, most taxpayers will see a notable tax

increase relative to current policy in 2026.

House Overturns SEC Custody Guidance: Axios reports that bipartisan House lawmakers voted Wednesday to overturn a SEC staff bulletin related to digital asset

custody accounting, with Biden promising a veto.