Senate Confirms Acosta as Labor Secretary

By Melanie Waddell

April 27, 2017 at 05:45 PM

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The full Senate Thursday night confirmed, by a 60-38 vote, R. Alexander Acosta to serve as Labor Secretary.

Industry groups urged Acosta to take quick action to further delay Labor's fiduciary rule.

"We are pleased the Senate has confirmed Alexander Acosta as Secretary of the Department of Labor," said the Financial Services Institute in a statement. "We urge Secretary Acosta to make addressing the fiduciary rule a top priority.

With the June 9 compliance deadline looming, FSI said, "there is no time to waste in protecting retirement savers' access to quality, affordable advice and services. We look forward to meeting with Secretary Acosta to address the concerns of our members and the retirement savers they serve."

The American Council of Life Insurers echoed FSI's view, stating that ACLI believes "an objective analysis of the regulation will conclude the need to rescind or revise the regulation."

ACLI urged Secretary Acosta "to delay the fiduciary regulation until the department has completed its examination. The department's plan to implement key aspects of the fiduciary regulation on June 9 is illogical, since it is not clear the examination will be finished by then."

ACLI argued that the June 9 applicability date also "is confusing and harmful to consumers and the businesses providing services to them."

The Insured Retirement Institute also urged Acosta to "complete the examination of the fiduciary rule as directed by the president, and welcome the opportunity to work with the Secretary to put in place a consistent and workable best interest standard which will allow Americans to achieve a financially secure retirement."

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