April 2026 Public Policy Update

It's late April in Washington, D.C., which means the cherry blossoms are past peak bloom, the pollen count is through the roof and Congress is back from a two-week Easter recess. Despite the congressional break, CFP Board's Public Policy team has been busy submitting comment letters to regulatory agencies and working with Congress on a number of issues, including financial literacy and elder fraud. Here is what you need to know.

Scott Kahan, CFP® Testifies Before Senate Aging Committee

On April 15, Scott Kahan, CFP® testified at the Senate Special Committee on Aging's hearing on "Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud and Promote Independence." In his testimony, Kahan highlighted how financial literacy and access to trusted advice play a critical role in helping older Americans protect savings and maintain independence in retirement. Kahan also highlighted the need to expand access to competent and ethical financial planning and the importance of the fiduciary standard.

In response to a question from Chair Rick Scott (R-FL) about how a senior knows their financial professional is working in their best interest, Kahan responded, "First thing we always tell people, seniors, they should be looking at a CFP® professional. There are approximately 107,000 CFP® professionals out there today, there are - I don't know - hundreds of thousands of so-called 'financial advisors.' The CFP® professional has to follow a fiduciary standard, which is putting the client's best interests first." Watch his testimony here.

CFP Board applauds Chair Scott and Ranking Member Kristen Gillibrand (D-NY) for holding this vital hearing and thanks Scott Kahan, CFP® for testifying on these important issues.

CFP Board Supports the Financial Exploitation Prevention and HYPE Acts

On April 15, CFP Board submitted a statement for the record to the House Financial Services Committee's Capital Markets Subcommittee for its hearing, "Safeguarding Main Street: Combating Fraud and Exploitation in Our Capital Markets." In the statement, CFP Board strongly endorsed the Financial Exploitation Prevention Act of 2025 (H.R. 2478) and the Honesty in Your Promotion of Equities (HYPE) Act.

These legislative proposals are critical to safeguard American investors and protect them from financial exploitation and misinformation. The Financial Exploitation Prevention Act provides a vital "hold" by allowing for the delay of redemption requests when elder financial abuse or exploitation is suspected. The HYPE Act targets "finfluencers" by modernizing disclosure requirements for those who promote or provide impersonal investment advice about certain securities. Together, these bills represent a necessary modernization of the regulatory framework to protect Main Street investors and everyday Americans as the fraud and exploitation crisis continues to evolve rapidly.

To read the full letter, click here.

CFP Board: Student-Athletes Deserve More Than Financial Literacy

CFP Board commends the Senate Health, Education, Labor and Pensions (HELP) Committee for the hearing on March 26, 2026, on "Don't Fumble Their Future: Positioning Student-Athletes for Success in School and Beyond." Student-athletes now face complex financial decisions as they earn income through name, image and likeness (NIL) deals and revenue sharing. Managing assets, taxes and risks while building long-term wealth is a challenge that they cannot navigate alone. Many of these earnings may only come once in a lifetime, making guidance essential.

CFP Board believes every student-athlete deserves more than financial literacy. They deserve personalized and ethical financial planning. CFP® professionals are uniquely equipped to help student-athletes turn early opportunities into lasting financial security.

To read the full letter to the Senate HELP Committee, please click here.

CFP Board Calls for Financial Action, Not Just Financial Literacy

On April 3, CFP Board submitted a comment letter to the Department of the Treasury's Financial Literacy and Education Commission (FLEC) outlining the need to modernize the U.S. National Strategy for Financial Literacy. CFP Board urges the FLEC to address the complexities and challenges of today's economy, leverage opportunities created by new products and accounts, and prepare consumers to identify and combat ever-increasing and sophisticated financial frauds, scams and exploitation.

We know that financial literacy alone does not improve well-being - knowledge must be applied to achieve financial security. CFP® professionals bridge this gap by translating theory into personalized, actionable plans that keep the best interest of consumers front and center. The National Strategy must evolve to recognize the essential role of personalized, professional financial advice in helping Americans navigate an increasingly complex financial landscape.

Read the full comment letter.

DOL Issues Long-Awaited 'Alts' Proposal

Last week, the Employee Benefits Security Administration at the Department of Labor (DOL) released a proposed rule titled, "Fiduciary Duties in Selecting Designated Investment Alternatives." The proposed rule would implement President Trump's August 2025 Executive Order, "Democratizing Access to Alternative Assets for 401(k) Investors," which instructed DOL to facilitate investments for defined contribution plans in a range of alternative assets, including private market investments, real estate, actively managed investment vehicles, lifetime income and infrastructure, among other things. DOL's proposed rule, however, is more broadly applicable than just selecting alternative assets; it lays out a principles-based, asset-neutral approach for fiduciaries to select designated investment alternatives, including alternative assets. CFP Board is reviewing the proposal. The proposed rule is subject to a 60-day comment period ending June 1, 2026.

Empowering You to Raise Your Voice

In our previous update, we shared that CFP Board is launching the Advocacy Center, our new platform designed to make grassroots advocacy easier than ever. With the Advocacy Center, you can reach out to your elected officials on important issues in just a few clicks.

Right now, we're encouraging CFP® professionals to take action to support the Tax Relief for Victims of Crimes, Scams and Disasters Act. Under current law, victims of financial scams can face a double burden: They suffer the initial loss and then may receive a tax bill on the same lost assets. This essential legislation would restore the federal tax deduction for personal casualty and theft losses, providing much needed relief.