President Donald Trump is expected to issue this week an order directing the Department of Labor to delay its fiduciary rule, according to two attorneys familiar with the matter.
Trump appointed Edward Hugler as acting secretary of Labor on Jan. 20.
Hugler also has been serving as the acting assistant secretary of Labor for administration and management, leading the department's presidential transition activities.
While the order issued this week by Trump will not delay the rule, it will direct Hugler to do so, according to one of the attorneys.
The confirmation hearing for Andrew Puzder, the fast-food executive picked by Trump to be the new Labor secretary, has been pushed back yet again. It had been scheduled to take place on Feb. 7, Feb, 2, Jan. 17 and Jan. 12. The Health, Education Labor & Pensions (HELP) "committee will not officially notice a confirmation hearing with Mr. Puzder until the committee has received his paperwork from the Office of Government Ethics," according to a statement provided to ThinkAdvisor by an aide to Sen. Lamar Alexander, the committee's chairman.
An industry official told ThinkAdvisor on Jan. 20 that the order could delay the rule's implementation six months or a year. The first compliance deadline is April 10.
"People are confident a delay for at least a year is imminent, but not guaranteed," the source said.
