Regulatory Updates

Marty Walsh Confirmed as Secretary of Labor

Former Boston Mayor Marty Walsh was confirmed on Monday as Secretary of the Department of Labor (DOL). In a 68-29 vote, the Senate confirmed Walsh to take over the DOL as the coronavirus pandemic has left millions unemployed amid economic uncertainty. 

Walsh, a former labor union leader, resigned as Boston mayor Monday. He will be responsible for overseeing the DOL and fulfilling the Biden administration’s agenda. While initially expected to focus on workplace safety concerns arising from the pandemic, Walsh will have a role in deciding how the DOL proceeds with the Financial Factors in Selecting Plan Investments and Fiduciary Duties Regarding Proxy Voting and Shareholder Rights rules. The DOL recently announced that those rules will not be enforced until further guidance is published.  

DOL