FSI Statement on Senate Confirmation of Marty Walsh for Secretary of Labor

March 22, 2021

Today, Financial Services Institute (FSI) President & CEO Dale Brown released this statement following the U.S. Senate’s vote to confirm Boston Mayor Marty Walsh as the next U.S. Department of Labor Secretary: 

“We congratulate Secretary Marty Walsh on his confirmation. With increased discussions around worker classification, we encourage Secretary Walsh to preserve the independent contractor status for advisors who choose the independent model to better serve their clients and operate their own business. In addition, we look forward to engaging with the Department to ensure the success of its recent prohibited transaction exemption (PTE) for investment advice fiduciaries. This PTE is an example of how collaboration across regulatory agencies and the industry can lead to effective rulemaking that provides consistent regulatory standards and reduces confusion. We look forward to working with Secretary Walsh to address the concerns of our members and the Main Street Americans they serve.”