Brad Campbell and Fred Reish Provide Overview of Potential Post-Election Changes for DOL in ThinkAdvisor

In an article for ThinkAdvisor, benefits and executive compensation partners Brad Campbell and Fred Reish discussed possible changes coming to the Department of Labor (DOL) after the 2024 election. 

Campbell noted that the Fifth Circuit Court of Appeals stayed a recent DOL fiduciary rule that was set to take effect in September. Campbell said that depending on who wins the White House, the litigation surrounding the rule may play a major part on if the rule takes effect. 

"It seems likely that a Harris administration would defend the 2024 rule, but we don't know to what extent a Trump administration will defend it or seek to replace it," Campbell noted. “[Trump] might again object to the Biden-era rule in its details but promote related policies." 

Reish said that until the new president has appointed a labor secretary, it will be difficult to evaluate the fate of the rule. 

"If Harris is elected, it is a fairly safe position to assume that she will continue the DOL's current positions and approaches. As I see it, the current DOL is taking positions consistent with traditional Democratic thinking. The Democrats see a more active role for the government, and particularly for the DOL, which suggest that the DOL would pursue protections for workers and retirees," Reish noted. “Republicans are more trusting of businesses and would likely be more ‘hands-off.’ That would probably be the case of the fiduciary regulation.”