President Donald Trump’s nominee for Department of Labor Secretary Alex Acosta told the Senate labor committee today that if confirmed, he would have to obey his boss -- Trump -- and review the fiduciary rule.
However, Acosta refused to say if he thought the rule would harm the ability of Americans to obtain retirement information and financial advice.
If the Labor Secretary finds the answer to the question is yes, the President’s directive orders DOL to revise or eliminate the rule.
During the hearing, Acosta said the rule goes beyond addressing the care retirement advisors must provide plan participants, to which Democratic Massachusetts Senator Elizabeth Warren responded that it doesn’t go beyond.
Acosta, who has won praise from business and labor groups alike, is expected to be easily confirmed by the full Senate.
Without elaborating, Acosta told the panel: “It’s absolutely important to protect American retirees.”
Acosta also spoke before the panel on his thoughts about President Obama's controversial overtime rule.
Now the dean of the Florida International University College of Law, the 47-year-old Acosta has also served on the National Labor Relations Board and as a federal prosecutor for the Southern District of Florida.