5th Circuit Rejects AGs SEC’s ESG Proxy Vote Rule Challenge: Reuters reports that a three-judge panel of the 5th U.S. Circuit Court of Appeals concluded last week that Attorney Generals from Texas, Louisiana, Utah and West Virginia lacked standing to challenge a Securities and Exchange Commission environmental, social and governance rule as they had not shown how the states,

or their citizens, would be directly harmed by it.

SEC, Treasury Float Customer ID Rule for Advisors: The DI Wire reports that the SEC and the Treasury Department’s Financial Crimes Enforcement Network jointly proposed a new rule Monday that would require SEC-registered investment advisors to establish, document and maintain written customer identification

programs.

FINRA Updates Communications Guidelines: InvestmentNews reports that the Financial Industry Regulatory Authority has just given more clarity on how it expects investment firms and their agents must handle digitally generated marketing and

advertising communications.

Remote Inspection Resource Unveiled by FINRA: ThinkAdvisor reports that FINRA has created a new web page for its voluntary, three-year Remote Inspections Pilot Program, which starts on July 1 and ends on June 30,

2027.

SEC Adopts New Customer Protection Rule: Barron’s reports that investment advisors, broker-dealers and fund companies will have to start preparing to comply with a new SEC rule requiring them to issue notices to clients following data breaches that could have compromised their personal information after the

regulator amended Regulation S-P Thursday.

Lawmakers Aim to Kill DOL Fiduciary Rule: The DI Wire reports that a group of lawmakers in the Senate and House Wednesday introduced resolutions to overturn the DOL’s new rule amending the definition of a fiduciary.

(Editor’s Note: ADISA has sent letters to the House and Senate sponsors in support of their efforts using the Congressional Review Act to overturn DOL’s new fiduciary

rule.) 

White House Lays Out Tax Strategy: The Fiscal Times reports that White House Economic Advisor Lael Brainard last week outlined President Biden's approach to the coming fiscal cliff set in motion by expiring provisions from the 2017 tax law at

the end of 2025, including tax breaks for individuals.

Biden Budget Has New IRA Taxes: Financial Advisor Magazine reports that President Biden has proposed a 2025 budget that would substantially hike taxes on taxpayers who hold large IRAs, push back against high-dollar backdoor Roth

conversions and require large RMDs.

Trump Promises Broad Tax Cuts: ThinkAdvisor reports that former President Trump pledged Saturday to double down on tax cuts if he wins a second term as president, drawing a distinction with President Biden who has called for tax hikes on

businesses and the richest Americans.

Supreme Court Upholds Funding for CFPB: The Hill reports that the Supreme Court preserved the Consumer Financial Protection Bureau on Thursday by

upholding the agency’s funding mechanism as constitutional in a 7-2 vote.