On January 7, President-elect Joe Biden announced his intention to nominate Boston Mayor Marty Walsh, a former top union leader, to head the Department of Labor (DOL). In the article, “Biden to Tap Boston Mayor as Labor Secretary,” ThinkAdvisor turned to benefits and executive compensation partner Fred Reish for his reaction to Biden’s appointment of Walsh and what it means for the DOL’s current fiduciary prohibited-transaction exemption.
According to the publication, many industry professionals are focused on whether Walsh will decide to revise or remove the DOL’s fiduciary prohibited-transaction exemption to align with the Securities and Exchange Commission’s Regulation Best Interest.
Reish first told ThinkAdvisor that Walsh “as might be expected … is pro-labor and fairly liberal.”
Reish added, “I imagine his views of a strong fiduciary standard would be favorable. As a former labor leader, he is also likely to be deeply interested in solving the underfunding issues affecting many multiemployer pension plans.”