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Republican Senate Aide Nominated to Oversee DOL Fiduciary Rule

President Donald Trump intends to nominate Preston Rutledge as assistant labor secretary for the Employee Benefits Security Administration, the position previously held by Phyllis Borzi during the Obama administration.

Borzi was instrumental in crafting the Department of Labor’s fiduciary rule and is one of its most avid supporters. If confirmed by the Senate, Rutledge would be responsible for the implementation and any potential changes to the fiduciary rule.

The DOL fiduciary rule, which is currently under review as directed by the President, expands the definition of investment advice fiduciary under the Employee Retirement Income Security Act of 1974. Full implementation of the rule was recently delayed for 18-months until July 1, 2019.

Rutledge serves as a senior tax and benefits counsel to Senate Finance Committee chairman Orrin Hatch (R-UT) where his responsibilities include employee benefits, retirement issues, tax-exempt organizations, health tax issues, and the tax provisions of the Affordable Care Act. He previously worked as a tax law specialist for the IRS.

“For the past six and a half years, Preston has been a trusted and loyal advisor working to develop smart solutions to address a variety of challenges within our pension and tax systems,” said Sen. Hatch in a statement on Rutledge’s nomination. “He’s put forward innovative ideas to effectively tackle our nation’s pension issues and worked to update the tax code to help ensure more Americans are financially equipped to pay for their healthcare or save for retirement.”

He added, “President Trump couldn’t have made a stronger pick to lead the Employee Benefits Security Administration. I look forward to working with my colleagues to ensure his fair and swift confirmation.”

Rutledge also served as a law clerk on the United States Court of Appeals for the Fifth Circuit, and worked in private law practice as an employee benefits counselor and ERISA litigator. He earned a bachelor’s degree in business from the University of Idaho, a juris doctor from the George Washington University School of Law, and a master of laws from the Georgetown University Law Center.

The Employee Benefits Security Administration is responsible for administering, regulating and enforcing ERISA and oversees 700,000 private-sector retirement plans and nearly 2.5 million health plans and other welfare benefit plans.

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