August 30, 2021

Brad Campbell Quoted by Bloomberg Law on EBSA Outlook and Nominees

In “Punching In: Business Lobby Attacks Labor Plans in Budget Bill,” Bloomberg Law turned to benefits and executive compensation partner Brad Campbell for insight on ways the Employee Benefits Security Administration (EBSA) has taken action without a Senate-confirmed leader and what to expect moving forward.

According to the publication, the U.S. Department of Labor (DOL) hopes to confirm several nominees when the Senate returns from recess in September, which would be a turning point for the Biden administration in implementing its employee-benefits agenda.

“From day one, the Biden administration had people in place at the EBSA who knew what they were doing in terms of how to make the agency run and who were connected with the policy goals of the Biden White House,” Campbell said. “They immediately started working to achieve those goals,” he continued.

Campbell noted that this manifested in expeditious regulatory moves to reverse Trump-era policies and set the table for Biden branding on key issues, such as environmental and socially conscious investing and retooling the definition of fiduciary advice.

Lisa Gomez, a New York attorney, was picked to head the DOL’s EBSA, which regulates private-sector employee benefit plans, such as 401(k)s and group health insurance. Regarding her nomination, Campbell said that she isn’t a Washington insider. Instead, Gomez is an atypical pick in that she’s a “true practitioner.” Her nomination was sent to the Senate on July 28, and she has yet to receive a committee hearing.

The full article is available for Bloomberg Law subscribers.

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