Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

Scaramucci is known as an ardent foe of the DOL fiduciary rule, having said during the campaign that Trump would repeal it .
JUL 21, 2017

White House Press Secretary Sean Spicer resigned on Friday after President Donald Trump hired financier Anthony Scaramucci as his communications director, a White House official said. The White House communications staff were meeting in Spicer's office Friday morning after news of his departure was reported. Scaramucci, 53, a campaign fundraiser for Trump and regular adviser during the presidential transition, has been mentioned for multiple jobs in the administration, most recently as ambassador to the Paris-based Organisation for Economic Co-operation and Development. He's also been considered as head of the White House Office of Public Engagement. Mr. Scaramucci has been an ardent foe of the Department of Labor fiduciary rule, and during the campaign said that as president, Trump would repeal it . He compared the DOL rule to an 1857 Dred Scott Supreme Court ruling which held that African Americans were not U.S. citizens. He made the analogy because he views the DOL rule as discriminatory, Mr. Scaramucci wrote in an email. He agreed in January to sell his approximately 45 percent stake in SkyBridge Capital. The buyer group included a subsidiary of HNA Group, the Chinese conglomerate, as well as a little-known company called RON Transatlantic. The New York Times first reported Spicer's resignation, which it said was in protest over Scaramucci's hiring.

Latest News

Ex-Texas advisor gets 11 years for Ponzi scheme, Travis Kelce among victims
Ex-Texas advisor gets 11 years for Ponzi scheme, Travis Kelce among victims

Siddharth Jawahar was sentenced 11 years in prison and $31M in restitution for running Swiftarc Capital fraud scheme

HSBC, Citi unveil new high-life and luxury offerings for affluent clients, family offices
HSBC, Citi unveil new high-life and luxury offerings for affluent clients, family offices

Wall Street banks expand wealth services as ultra-high-net-worth client demands extend further above and beyond investment management.

Cerity Partners enters Iowa with Gilbert & Cook deal
Cerity Partners enters Iowa with Gilbert & Cook deal

The acquisition of $2 billion Gilbert & Cook extends a buying spree for the ultra-high-net-worth firm that has already touched six states this year.

The financial industry has a saving problem
The financial industry has a saving problem

After years of encouraging sacrifice and delayed gratification, advisors have to do the next emotional lift: helping clients let go of a potentially harmful scarcity mindset.

Investment accounts fund nearly 7% of US household spending, JPMorgan finds
Investment accounts fund nearly 7% of US household spending, JPMorgan finds

A new JPMorganChase Institute report reveals how deeply stock market wealth now drives everyday American spending, especially for retirees.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income