A bill introduced in the U.S. House of Representatives last week would reverse a move by the U.S. Securities and Exchange Commission (SEC) to claim regulatory authority over indexed annuities. The National Association of Insurance Commissioners supports the measure, saying that the contracts are fundamentally insurance products. The Indexed Annuities and Insurance Products Classification Act of 2009 (H.R. 2733), whose co-sponsors include Iowa Reps. Tom Latham and Leonard Boswell, would reverse SEC Rule 151A, adopted on Jan. 16, that would allow the SEC to regulate indexed annuities as securities. A coalition of insurance companies that issue the products, including American Equity Investment Life Holding Co., filed a lawsuit against the SEC in January, seeking to overturn the rule, which would become effective in January 2010.

The Conference Board Employment Trends Index saw an uptick in May to 89.9 from the revised April figure of 89.7. The index is down 20 percent from May 2008. “While it is too early to say that the (index) has bottomed, the moderation of the last two months is certainly a sign that the decline in job losses is real and signals that the worst is over,” said Gad Levanon, senior economist at The Conference Board. “However, as the economic recovery over the coming months is likely to be very slow, we still expect the unemployment rate to continue to increase to double digits by the end of this year and into 2010.” Last month, indicators showing improvement were for firms that could not fill open positions, the percentage of respondents who reported difficulty landing a job and manufacturing and trade sales jobs and openings.

Heartland Express Inc. announced a regular quarterly dividend today of 2 cents payable July 2 to shareholders of record at the close of business on June 19. Approximately $1.8 million will be paid on the company’s 90.7 million outstanding shares of common stock. This is the company’s twenty-fourth consecutive quarterly cash dividend.

Des Moines Area Community College will be the only site between Kansas City and Chicago for first-level courses and examinations for the designation of master sommelier, the highest title professionals can achieve in the fine wine and beverage service. The title is held by 96 people in North America and 167 people worldwide. The courses and exams are July 1 and 2 at the Ankeny campus. Cost is $495 and seating is limited. For more information, contact Paul Gospodarczyk at 964-6406 or by e-mail at ptgospodarczyk@dmacc.edu.