Fred Reish Discusses Potential Post-Election Leadership Shake-up at SEC and DOL With Financial Advisor

Benefits and executive compensation partner Fred Reish spoke to Financial Advisor about possible changes that could come to the Securities and Exchange Commission (SEC) and Department of Labor (DOL) after a new presidential administration takes control next year.

The publication noted that President-elect Donald Trump prioritized agency changes on the campaign trail, and many industry observers suspect that SEC Chairman Gary Gensler, for example, could be one of the first to resign or be removed once Trump takes office. Reish noted that Gensler may still have “unfinished work” to attend to while still at the helm, however. Reish also noted that the DOL’s fiduciary rule, which is currently blocked by two federal courts, could also be let go in the new administration, along with the DOL’s environmental, social and governance rules.

“Ultimately, the outcomes for DOL regulations are unknowable, and may depend more on his selection for the secretary of labor than on any preference of the president-elect,” Reish said. “For the moment, the fight about the fiduciary regulation will be in the courts, and ultimately it will depend on whether the new administration continues to defend the rule on appeal.”