Senate Confirms Scalia as New Labor Secretary

Scalia told Senate HELP Committee members on Sept. 19 that if confirmed, he'd seek advice from Labor's in-house ethics staff on whether he should participate in crafting a new Labor Department fiduciary rule that aligns with the Securities and Exchange Commission's Regulation Best Interest.

Labor's rule is said to be in its final stages.

Scalia, the former Gibson Dunn attorney who fought successfully on behalf of the brokerage industry to overturn the now-defunct Obama-era fiduciary rule, testified to the HELP Committee that he was retained by clients to address the rule, which he said was "a controversial rule. Thankfully, the Securities and Exchange Commission has stepped in and itself adopted what's called a best-interest standard with respect to broker-dealers who are folks that ordinarily are regulated directly by the SEC, rather than by the Department of Labor. Again, having worked at the department before, I'm very mindful of this special role that the department has in protecting pensions and workers' retirements."

— Related on ThinkAdvisor:

• Scalia Is Still in the DOL Fiduciary Rule Game
• Lawmakers Press for Delay in Reorg of DOL Unit