Assistant Secretary of Labor and Employee Benefits Security Administration head Lisa Gomez predicted major changes to retirement security regulations and financial fiduciary standards when Donald Trump returns to the White House on January 20th.
In a public conversation at the PLANADVISER 360 Conference in Scottsdale, AZ, Gomez admitted that the Department of Labor’s retirement security rule, the new fiduciary rule, will likely not align with the new administration’s priorities.
In identifying likely changes under Trump, Gomez also pointed to the DOL’s rule on prudence and loyalty in selecting plan investments, known as the ESG rule. This rule permits plan sponsors to consider sustainability factors when advising on retirement plan investments. The rule has faced criticism and legal challenges, which Gomez partially attributes to its ESG branding.
Gomez also said she plans to step down from her role on January 20th.
