Biden Renominates Gomez to Key DOL Post

If confirmed by the full Senate, Gomez will be the point person on helping Labor shepherd a new fiduciary rule.

Labor's Fall Regulatory agenda still listed December as the date for issuing its new fiduciary rule proposal.

Fred Reish, partner at Faegre Drinker in Los Angeles, said Labor's regulatory agenda likely signals "that the release of a new proposed fiduciary definition and related prohibited transaction exemptions is imminent, perhaps within 60 days."

However, Reish continued, "that could only refer to submitting those proposals to the White House" for review by the Office of Management and Budget. "That review could take another 60 to 90 days after that before the proposals are approved and published in the Federal Register, which will be when we will first see" what the rules say.

During her confirmation hearing before the HELP Committee in early October, Gomez said that if confirmed, she looks forward to working with the Securities and Exchange Commission as well as with Labor "to be briefed on the efforts of looking at the definition of a fiduciary in different contexts, and taking another look at the conflict of interest rule and how it would apply in different situations."