President-Elect Trump has announced he will nominate former Rep. Lori Chavez-DeRemer (R-OR) to be Secretary of the Department of Labor (DOL). Rep. Chavez-DeRemer lost her bid for reelection last month. She is viewed as a pro-labor Republican, one of only a handful of GOP House members who cosponsored the labor-friendly PRO Act
Industry reaction has been mixed. Many in the business community are concerned about Rep. Chavez-DeRemer’s support of the PRO Act, but are hopeful that she will comply with President-Elect Trump’s opposition to that proposed bill.
DOL has regulatory authority over many issues and rules that impact NAIFA members. Likely to come up early in 2025 are efforts to roll back the Biden Administration fiduciary rule, and regulations on overtime pay, noncompete agreements, and worker classification. Also in play—but outside DOL’s jurisdiction—may be a Federal Trade Commission (FTC) rule that bans virtually all noncompete agreements, and CMS (Centers for Medicare and Medicaid Services) rules eliminating compensation for financial advisors who provide advice on Medicare coverage selection issues.
Prospects: Despite the business community’s concerns about Chavez-DeRemer, her nomination does not currently appear to be in trouble. A hearing in the Senate Health, Education, Labor and Pensions (HELP) Committee, which appears likely to result in the committee favorably reporting her nomination to the full Senate for a vote, will likely occur early in 2025.
NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.