Two signature US Labor Department policies are almost certain to face a test of whether the latest updates to the agency’s regulations can survive legal deficiencies that led to the demise of their Obama-era predecessors.
The Biden administration released final rules Tuesday both to extend overtime pay protections to cover millions more US workers and to expand strict fiduciary standards of conduct to cover more retirement plan advisers. Both immediately drew pushback from business groups and Wall Street.
“Based on this deeply flawed process, I am going to recommend to the Finseca board that litigation makes sense,” said Marc Cadin ...