In “Biden’s Pick for Key DOL Post Is Up for Vote; Fiduciary Rule Delay Expected,” ThinkAdvisor summarized insights from benefits and executive compensation partners Brad Campbell and Fred Reish during Faegre Drinker’s “Inside the Beltway” webinar. They highlighted the upcoming vote on Lisa Gomez’s nomination to head the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), as well as the expected fiduciary rule delay.
Campbell said that Gomez is likely to receive a bipartisan Senate confirmation by year-end. He added that the DOL may not meet its December deadline to release a new fiduciary rule, so a new rule wouldn’t likely come until “the end of spring.”
However, according to Campbell, Gomez’s confirmation is not holding up the release of the new rule. He stated that the DOL is still “working very hard” writing it. Reish agreed that the crafting of the rule by the DOL “is moving along, but I estimate it would be a heavy lift to get it out as a proposal in December.”
Campbell also noted that the DOL is set to release its fall regulatory agenda in a matter of weeks, so “we’ll find out what the new deadline is” for the fiduciary rule then.