What You Need to Know
- Gomez’s nomination could come up for a vote on the Senate floor as early as Tuesday.
- Biden renominated ERISA attorney Gomez on Jan. 4.
- Gomez will be the point person on helping Labor shepherd a new fiduciary rule.
Senate Majority Leader Chuck Schumer, D-NY, has filed a procedural motion to expedite the final consideration of Lisa Gomez, the Biden administration’s nominee to lead the Labor Department’s Employee Benefits Security Administration, the agency overseeing retirement plan rules.
Gomez’s nomination could come up for a vote on the Senate floor this week, as early as Tuesday.
The Senate Health, Education, Labor and Pensions Committee approved by a 12-9 vote on Jan. 14 Gomez’s nomination to head EBSA.
President Joe Biden renominated Gomez, an ERISA attorney, on Jan. 4. She is a partner at Cowen, Weiss and Simon in New York.
If confirmed by the full Senate, Gomez will be the point person on helping Labor shepherd a new fiduciary rule.
Brad Campbell, partner at Faegre Drinker’s Washington office and former head of EBSA, predicted, correctly, in late 2021 that Labor would miss a December deadline it had set to release a new fiduciary rule. He said a new rule wouldn’t likely come until “the end of spring” 2022.
Labor’s proposed rule will be released to the Office of Management and Budget for review.