Biden's Key DOL Pick Gomez to Get Senate Vote
If confirmed by the full Senate, ERISA attorney Lisa Gomez will be the point person on helping Labor shepherd a new fiduciary rule.
The Senate Health, Education Labor and Pensions Committee approved by a 12-9 vote Thursday the nomination of Lisa Gomez to head the Labor Department’s Employee Benefits Security Administration, the agency overseeing retirement plan rules.
Her nomination now moves to the full Senate.
President Joe Biden renominated ERISA attorney Gomez on Jan. 4.
On Dec. 2, the HELP Committee approved Gomez’s nomination by a by a 12-10 vote. However, her nomination was not taken up by the full Senate by year-end.
If confirmed by the full Senate, Gomez will be the point person on helping Labor shepherd a new fiduciary rule.
Labor’s fall regulatory agenda still listed December as the date for issuing its new fiduciary rule proposal.
Fred Reish, partner at Faegre Drinker in Los Angeles, said in late December that Labor’s regulatory agenda likely signals “that the release of a new proposed fiduciary definition and related prohibited transaction exemptions is imminent, perhaps within 60 days.”
However, Reish continued, “that could only refer to submitting those proposals to the White House” for review by the Office of Management and Budget. “That review could take another 60 to 90 days after that before the proposals are approved and published in the Federal Register, which will be when we will first see” what the rules say.