The Senate on Thursday confirmed the Labor Division official who may have direct accountability for drafting the company’s pending funding recommendation guidelines for retirement accounts.
Greater than a yr after being appointed by the Biden administration, Lisa Gomez is now assistant secretary of labor and head of the Advantages Safety Administration, which regulates staff’ advantages, together with well being protection and pension plans. The Senate accredited her for the place by a vote of 49 to 36.
Gomez, companion within the labor legislation agency Cohen Weiss and Simon, assumes the helm of EBSAs because the division works on a pending rule proposal increase the definition of fiduciary for retirement financial savings funding recommendation, together with transfers from 401(okay) to particular person retirement accounts. An earlier model of the rule drafted below the Trump administration got here into drive earlier this yr.
The company can also be growing a draft rule that encourages plan sponsors to think about environmental, social and governance elements in funding choice, and one other proposal on ESG and proxy voting.
“Ms. Gomez involves the job with many years of hands-on, real-world expertise and a chance to go away her mark on federal politics,” Michael Kreps, director of the Groom Regulation Group, wrote in an e-mail. don’t but know what its positions are on controversial points such because the fiduciary rule and modifications to the [qualified professional asset manager] exemption. Nevertheless, we all know that she understands how pension plans work and that she is going to be capable of assess how the legislative modifications may have an effect on all stakeholders within the system.
Skilled associations are keen to talk to Gomez now that she is going to quickly be aboard DOL.
“We can’t converse to the Division’s inside rule growth timelines, however we stay up for assembly with Assistant Secretary Gomez within the close to future to share our views on quite a lot of regulatory points and provide to be a useful resource for her and her staff,” Dan Zielinski, spokesperson for the Insured Retirement Institute, wrote in an e-mail.
Even for a Senate that may drag its toes on nominations, Gomez’s journey to affirmation has been a tortuous one. She was initially nominated in July 2021. When she wasn’t confirmed till late final yr, she needed to be renamed. One other Affirmation vote failed in June.
“This could have occurred a very long time in the past,” mentioned College of Richmond legislation professor Carl Tobias. “It is good to have a everlasting particular person on this place. There’s quite a bit to come back out of it – extra continuity. The president should have his folks” in place.
One among Gomez’s Senate champions was blissful to lastly see her confirmed.
“It was vital to me that EBSA had an skilled chief like Ms. Gomez, given her great obligations in serving to retirees reclaim the advantages they’re entitled to, imposing protections for individuals who get their well being care protection well being by their work and overseeing thousands and thousands of pension, well being and different profit plans,” mentioned Sen. Patty Murray, D-Wash.
