via Lockton Beacon
As a new administration takes office, the retirement plan community scratches their collective heads about what to expect. Donald Trump assumes the presidency with no prior public service, presenting very few tea leaves for us to read. The future lies largely in the hands of the nominee for Secretary of Labor, Andrew Puzder, and the Treasury Secretary nominee, Steven Mnuchin.
The appointment of Puzder to head the Department of Labor (DOL) clearly signals the Trump administration’s plans to deregulate the private sector. Puzder is a successful labor attorney and the CEO of the restaurant group that owns Hardees and Carl’s Jr. He has been outspoken against a raise in the minimum wage, the Affordable Care Act, and the DOL’s overtime regulations. He is a strong critic of government regulation, preferring market solutions to government intervention. While the Obama administration pushed a decidedly pro-labor agenda, we expect the Trump administration to roll back as much of that agenda as possible without overdrawing its political capital amongst members of Congress. We expect employers to find themselves in a much friendlier business environment.