Brad Campbell Addresses House Legislation on Agency Rulemaking With InvestmentNews

In “House passes bill to halt ‘bureaucratic’ agency rulemaking,” InvestmentNews turned to benefits and executive compensation partner Brad Campbell for insight on how federal agencies, including the Department of Labor (DOL), could be blocked in some cases from issuing new rules under legislation passed by the House. However, the publication noted that the measure’s ability to halt the DOL’s fiduciary rule is highly unlikely.

Campbell said the House bill would almost certainly have no effect on the DOL’s ability to move forward with the proposal for a couple of reasons. He explained that the current head of the Employee Benefits Security Administration, Lisa Gomez, is authorized to sign off on proposed rules, and Gomez was confirmed by the Senate. Campbell further noted that acting Labor Secretary Julie Su was confirmed by the Senate for her permanent role as deputy secretary at the DOL, so it is unclear whether the provisions in the bill would apply to her in her capacity as acting secretary.

Campbell concluded that the bill, which had also been submitted in 2021, is most likely aimed at blocking proposals by career bureaucrats at other agencies.