Aronowitz Inches Closer to Confirmation as EBSA Head
Today, the Senate Health, Education, Labor, and Pensions (HELP) Committee voted to advance Daniel Aronowitz—President Donald Trump’s nominee to serve as Assistant Secretary of Labor for the Employee Benefits Security Administration, Department of Labor, by a vote of 14-9.
UPDATE – Senate Confirms Aronowitz to Lead EBSA
Aronowitz was one of eight Trump nominees advanced today for positions at the DOL, Department of Education, and the Equal Employment Opportunity Commission. Under the leadership of HELP Chair Bill Cassidy, M.D. (R-LA), the Committee has now voted to advance 21 Trump administration nominees.
“These nominees are crucial to enacting President Trump’s pro-America agenda,” said Dr. Cassidy. “I appreciate my colleagues’ commitment to getting President Trump’s team in place.”
In addition to Aronowitz, the Committee approved the nomination of Jeremiah Workman for Assistant Secretary of Labor for DOL’s Veterans’ Employment and Training by a vote of 13-10 while the remaining nominees were advanced en bloc by a party-line vote of 12-11. All nominations will now move to the Senate floor for a final vote at a later date.
The final hurdle to Aronowitz becoming Assistant Secretary of Labor and overseeing the EBSA is the full Senate vote.
Trump’s pick for the job spoke out about his priorities for EBSA during a June 5 Senate HELP Committee confirmation hearing.
“First, I will improve EBSA’s enforcement of fiduciary law. We will end the practice of open-ended investigations that go on for years. We will end the bias against ESOPs and other legitimate ways to expand retirement benefits and ownership to America’s workers. And we will end the regulatory abuse of common-interest agreements with plaintiff lawyers. EBSA’s enforcement will be fair, even-handed, and efficient,” he said.
If confirmed as expected, Aronowitz is also anticipated to be a proponent for providing regulatory clarity surrounding the inclusion of private markets investments in 401(k) plans, as favored by the Trump administration.
He would replace Janet Dhillon, currently serving in an acting assistant secretary capacity at EBSA. Lisa Gomez resigned as EBSA secretary in January as part of the outgoing Biden administration.
EBSA commits to educating and assisting more than 153 million workers, retirees, and their families covered by the benefit plans it oversees. This includes more than 801,000 private retirement plans, 2.6 million health plans, and 514,000 other welfare benefit plans, which collectively hold about $14 trillion in assets.
To prepare for his nomination hearings and upcoming government service, Aronowitz stepped down from his position as President of fiduciary liability insurance underwriting company Encore Fiduciary (formerly Euclid Fiduciary), about a month ago.
SEE ALSO:
• EBSA Nominee Aronowitz: ‘I Will End the War on ESOPs’
• Trump EBSA Nominee Aronowitz Calls for Specialized ERISA Court
• Trump EBSA Nominee Aronowitz a Stern Critic of Frivolous ERISA Litigation
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
