October 2025 Public Policy Update

It was great to see many of you in Chicago earlier this month at CFP Board’s 2025 Connections Conference. The public policy team was delighted to present CFP Board’s public policy priorities and to update attendees about our current activities to an engaged crowd during the panel, “Wealth and Policy: What Washington’s 2025 Agenda Means for Americans’ Financial Futures.” We are already looking forward to next year’s session!

When will the government reopen? That’s the biggest question in Washington, D.C., right now. On October 1, with the absence of a federal funding bill, the government entered a federal government shutdown, which could end up being the longest in history.

How did we get here? As we previously reported, the House passed a GOP-led continuing resolution (CR), a temporary stopgap measure, which the Senate rejected along party lines. While there are many nuances, the debate between the two parties boils down to the Democrats’ desire to extend the Affordable Care Act (ACA) premium tax credits, which are set to expire at the end of the year. Other issues include the White House's desire to pass through “rescission packages,” which would claw back congressionally appropriated dollars. We expect negotiations to begin in some capacity after November 1, when notices for ACA premiums will be mailed and millions of federal workers will have missed their first whole paycheck.

CFP Board continues to monitor the situation and has remained nimble to continue our work on advancing our six public policy priorities.

What does the federal government shutdown mean for you and your clients?
The ongoing shutdown may increase market volatility as the release of key economic indicators are delayed. CFP® professionals should be aware that delayed data from agencies such as the Bureau of Labor Statistics could affect interest rate expectations, inflation projections and retirement planning scenarios. In addition, clients employed by or contracting with the federal government may experience income disruptions or delays in benefits. Given the critical need for Americans to access financial planners, CFP Board continues to engage policymakers and other partners to emphasize these issues. For more information on how to help clients who are federal workers, please see our resources for federal workers during the government shutdown, including a list of CFP® professionals who have agreed to provide financial planning services to federal workers pro bono or at a reduced rate.

How are federal agencies impacted?
The Securities and Exchange Commission (SEC) has reduced operations to essential functions only. Reviews of initial public offerings (IPOs), registration statements, and mergers and acquisitions have largely paused. Most rulemaking and litigation activities are suspended, though the EDGAR system remains operational for electronic filings. SEC Chairman Paul Atkins told CNBC the agency is still actively monitoring for suspicious activity in the markets, despite the shutdown.

The Federal Trade Commission (FTC) is continuing limited operations using carryover funds, but prolonged funding gaps could delay investigations, lawsuits and antitrust enforcement.

The Commodity Futures Trading Commission (CFTC) has suspended non-essential examinations and enforcement activities. Market surveillance and other critical oversight functions continue with reduced staffing.

At the Bureau of Labor Statistics (BLS) and Bureau of Economic Analysis (BEA), data collection and publication activities have been curtailed. This will likely delay key reports — such as monthly jobs and inflation data — that inform markets, businesses and the Federal Reserve’s decision-making.

Some agencies are not affected by the shutdown because they are not funded through the annual appropriations process. The following remain open and operational:

• Federal Reserve
• Consumer Financial Protection Bureau (CFPB)
• Office of the Comptroller of the Currency (OCC)
• Federal Deposit Insurance Corporation (FDIC)

There are broader economic and operational effects as well. Hundreds of thousands of federal employees have been furloughed or are working without pay, which may delay government contracting, compliance reviews and data access. Extended shutdowns may ripple through state-level programs and agencies that depend on federal funding or guidance. The administration has directed agencies to prepare for additional potential workforce reductions if the shutdown continues, increasing long-term uncertainty in regulatory operations. Further, local economies may begin to experience financial strain as federal workers have less spending power.

What is Congress doing?
Since passing the CR in late September, the House has been on recess for over a month, while the Senate has conducted some legislative activity. This means Washington has screeched to a near-total halt. Speaker Mike Johnson has advised members that he will give 48 hours' notice of when and if members need to return to Washington, D.C., despite calls from others for the House to return to continue passing appropriations bills and to swear in Representative-elect Adelita Grijalva (D) from Arizona.