Andrew Puzder, President Trump’s pick for labor secretary, has withdrawn his name from the nomination, prior to his scheduled hearing before the Senate’s Health, Education, Labor, and Pensions (HELP) Committee. The delay in the appointment of a labor secretary created continued doubt regarding what steps the department may take to modify, delay, or eliminate entirely the Fiduciary Rule set for implementation this April. On February 3, the President signed an executive order directing the Department of Labor to review the rule prior to its scheduled implementation. Now, not less than 24 hours after the withdrawal of Puzder’s nomination, President Trump has announced that he will appoint Alexander Acosta as the new labor secretary. While we presume there will be quick movement to get this appointment confirmed and commence review of the Fiduciary Rule, currently there have been no changes to the rule, nor any delays in its implementation date.
