Department of Labor ("DOL") Oversight Hearing

DOL Secretary Alexander Acosta testified before the House Committee on Education and the Workforce on Wednesday, November 15. Regarding the fiduciary rule, he said DOL was continuing to review comments from the recent RFI. The Secretary addressed multiemployer pensions, calling them a “critical issue... past the point where there is an easy solution.” Regarding employee stock ownership plans (“ESOPs”), which have faced increased enforcement scrutiny in recent years, the Secretary said, “As a policy matter, we do not have any concerns about ESOPs.”