By Ryan Rainey
March 22, 2017 at 1:30 pm ET
Labor Secretary nominee Alexander Acosta on Wednesday declined to say whether he supports the Labor Department’s rule aimed at preventing retirement investment advisers from selling products that pose a conflict of interest.
Instead, Acosta said he will follow the guidelines in President Donald Trump’s executive order about the regulation.
“I believe and support my following of the executive orders of the president, who would be my boss,” Acosta said in response to questioning from Sen. Elizabeth Warren (D-Mass.) during his confirmation hearing before the Senate Health, Education, Labor and Pensions Committee. He added that it “really regulates and determines the Department of Labor’s approach to the fiduciary rule.”
The rule, finalized under former President Barack Obama, is slated to enter into force on April 10. Earlier this month, the Labor Department proposed a 60-day delay to the implementation date.
HELP Committee Chairman Lamar Alexander (R-Tenn.), who opposes the Obama-era fiduciary rule, said he supports the position that the Labor secretary must follow the executive order’s guidelines.
Ryan Rainey previously worked at Morning Consult as a reporter covering finance.