Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Puzder's Out, and the Race to Delay the DoL Rule Tightens Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 16, 2017

Puzder's Out, and the Race to Delay the DoL Rule Tightens

News summary by MFWire's editors

U.S. President Donald Trump is again searching for someone to lead the Department of Labor, and the clock is ticking if he wants that someone to get the DoL rule delayed in time. Fiduciary reg limbo continues.

Andy Puzder
CKE Restaurants, Inc.
CEO
Yesterday afternoon Andy Puzder, CEO of Hardee's and Carl's Jr. parent company CKE Restaurants, tweeted that he is withdrawing as Secretary of Labor nominee, less than 24 hours before he was scheduled to appear before the Senate for his long-delayed confirmation hearing. Puzder's move comes after weeks of him being publicly under fire, for past domestic abuse allegations and for employing an undocumented worker. Another factor seems to have been his generally positive attitude towards immigration.

Puzder is the first Trump cabinet appointee to withdraw from consideration. The WSJ points to Wisconsin governor Scott Walker and former Assistant Secretary of Labor Victoria Lipnic as possible contenders to replacing Puzder. Yet Walker seems to be uninterested in the job: yesterday he tweeted "the future is too bright in WI for me to do anything other than being Governor." As for Lipnic, in January Trump made her acting chair of the Equal Employment Opportunity Commission.

Puzder's withdrawal leaves Trump without a permanent DoL chief even as he tries to delay the DoL's fiduciary rule, which is scheduled to start taking effect on April 10. Washington insiders say that it is highly unlikely that an acting Secretary of Labor, in this case top DoL staffer Edward Hugler, would want to implement any big regulatory changes like modifying or undoing the the fiduciary reg.

That gives Trump a short window in which to vet and nominate a new choice for Secretary of Labor, one that the Senate then promptly confirms. Word is that the DoL would need a public comment period of at least 15 days if it proposes a delay or retraction, so that means Trump would need to get a Secretary of Labor confirmed and pushing the fiduciary reg back by March 25, if not earlier.

Puzder's withdrawal was covered by a host of publications, including: the Kansas City Star; the New York Times; the New Yorker, twice; PlanSponsor; Politico, twice; Reuters; RIABiz; Slate; Vanity Fair; the Wall Street Journal, twice; and even Entertainment Weekly (thanks to Stephen Colbert). 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. WE Pacific NW - Year-End Holiday Social and Chapter Leadership Drive, December 5
  2. WE South - A Deep Dive Into the Offshore Ecosystem, December 6
  3. MFDF webinar - Unique Oversight Considerations For ETFs, December 6
  4. Stradley Ronon's Financial Services Regulatory Workshop, December 6
  5. MMI webinar - From an Idea to a Movement: Choosing Self-Confidence + Finding Our Strengths, December 7
  6. SEC Investor Advisory Committee Meeting, December 7
  7. MMI webinar - Make Your Money Work For You, December 12
  8. MFDF In Focus: Impacts of SCOTUS Affirmative Action Decision on Fund Boards and Industry Diversity Efforts, December 12
  9. P&I Best Places to Work In Money Management - The Future of Asset Management, December 12
  10. MFDF webinar - Investment Valuation and Governance: Deloitte's 21st Annual Fair Valuation Pricing Survey, December 13
  11. MFDF Director Discussion Series - Open Forum via Zoom, December 14
  12. MFDF 2024 Directors' Institute, January 22 - 24, 2024
  13. 2024 ICI Innovate, February 6 - 8, 2024
  14. The Advyzon Conference, February 20 - 22, 2024
  15. Raymond James 2024 Annual Shareholders Meeting, February 22, 2024
  16. MFDF 2024 Fund Governance & Regulatory Insights Conference, March 7 - 8, 2024
  17. Nicsa 2024 Strategic Leadership Forum, March 13 - 15, 2024
  18. 2024 MMI Summit, March 13 - 14, 2024
  19. Women In ETFs 10-Year Anniversary Celebration, March 14, 2024
  20. Wealth Management Edge 2024, May 13 - 16, 2024
  21. MFDF Conference of Fund Leaders Forum, June 5, 2024
  22. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20, 2024
  23. Morningstar Investment Conference Conference 2024, June 26 - 27, 2024
  24. 2024 MMI Annual Conference, October 15 - 17, 2024




©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use