Industry publication ThinkAdvisor covered Eugene Scalia’s Senate Committee nomination hearing for the position of Labor Secretary. The publication detailed the hearing, noting that Scalia addressed his role in helping to overturn the now-defunct fiduciary rule while in private practice, a subject that has led to calls for recusal.
Scalia told Sen. Patty Murray (D-Wash.) that he was retained by clients while in private practice to address the now-defunct fiduciary rule, which he said “was a controversial rule.”
Los Angeles partner Fred Reish told ThinkAdvisor that he believes Scalia “punted instead of answering” Murray’s question. Scalia “knew that, if he said that he would be involved in developing a new fiduciary regulation, the challenges and questions [during the hearing] would have been intense.” Instead, “he said that he would consult with the Department’s Ethics Office and follow their guidance.”
The bottom line: “We still don’t know if he will be involved or not,” Reish said.