PSCA Executive Reports
January 31, 2017
Trump Administration Developments
The Trump Administration has been working for the past several months to start the process of filling more than 4,000 political positions at various levels of government. To date, they have focused primarily on the new President’s cabinet, including the following nominees to lead the Departments of Treasury and Labor:
- Treasury Department. President Elect Trump has nominated Steve Mnuchin for Treasury Secretary. Mr. Mnuchin is a former partner at Goldman Sachs and the founder of Dune Capital Management. The Senate Finance Committee recently held a hearing on Mr. Mnuchin’s nomination at which he faced criticism from Democrats for his offshore investments and his banking career. He was also asked about the multiemployer pension system, an issue the Finance Committee has been working to address. Mr. Mnuchin stated that participants “deserve to get their pension,” but that “we have to be very careful that we don't have a bailout of the entire pension industry and don't commit to a bailout of the PBGC.” The Finance Committee is scheduled to vote on Mr. Mnuchin’s nomination on January 31, and we expect that the full Senate will consider the nomination soon.
- Department of Labor. President Elect Trump has nominated Andrew Puzder, the CEO of CKE Restaurants, Inc. (Carl’s Junior, Hardee’s), for Secretary of Labor. Mr. Puzder has been vocally opposed to many of the Obama Administration’s labor regulations, including the overtime rule and NLRB guidance, as well as the Affordable Care Act. Mr. Puzder generally appears to have made very few statements with respect to employer-provided retirement benefits. The Senate Committee on Health, Education, Labor, and Pensions has scheduled a hearing on Mr. Puzder’s nomination on February 7, after delaying consideration of the nomination three times. At this point, no Republicans have come out in opposition to his nomination.