Groom principal Kevin Walsh was featured in PLANADVISOR, forecasting the tasks and priorities of newly confirmed Assistant Secretary of Labor Daniel Aronowitz as he assumes leadership of the Employee Benefits Security Administration (“EBSA”).
PLANADVISOR reports that Walsh noted, “One way EBSA can respond to the executive order is by issuing a tip sheet on what fiduciaries should consider when incorporating alternatives into their investment lineup, such as through a target-date fund.”
“According to Walsh,” PLANADVISOR adds, “Given that Aronowitz’s EBSA will operate with a slimmer budget, it may be beneficial for the agency to avoid rewriting large regulations altogether and instead focus on issuing amicus briefs. Although amicus briefs have less legal authority, they can significantly impact cases while using fewer resources and are less likely to be challenged in court, as demonstrated by the recent fiduciary rules.”
Walsh concludes, “The reduced staffing does put constraints in place, but if they focus on narrow pieces of guidance, instead of rewriting the whole world through a single rule, they can still get a lot done.”
To read the article, click here.
