Trump nominates ex-NLRB member R. Alexander Acosta as Labor secretary

President Donald J. Trump named R. Alexander Acosta as his new nominee for Labor secretary, the first Hispanic in his cabinet.
FEB 16, 2017

President Donald J. Trump named former National Labor Relations Board member R. Alexander Acosta as his new nominee for labor secretary, the first Hispanic he has chosen for his cabinet. Mr. Trump said Mr. Acosta will be "a tremendous secretary of labor." Mr. Acosta replaces Mr. Trump's first nominee for the position, Andy Puzder, who withdrew his name Wednesday amid controversy over his personal life and business background. Mr. Acosta served as assistant attorney general for the Civil Rights Division under President George W. Bush and was U.S. attorney for the Southern District of Florida. He once clerked for then-Appeals Court judge Justice Samuel Alito. He is currently the dean of Florida International University and the chairman of U.S. Century Bank. He met with Trump Wednesday evening, a White House official said. (More: Awaiting new Labor secretary, staff takes on larger role in fiduciary rule's fate.) "He's intense, hardworking, but I think in contrast to Mr. Puzder, he's going to get things done more quietly," said Tammy McCutcheon, who served as administrator of the Wage and Hour Division of the Labor Department during the Bush administration. "He will be quietly efficient. I don't think you'll see a lot of difference in his policy positions from Puzder." Mr. Puzder, a fast-food executive who had been scheduled for a Senate confirmation hearing Thursday, ran into trouble in the Senate over his admission that he employed an undocumented housekeeper. Also shadowing his nomination were divorce-court proceedings that included a domestic-abuse allegation. Some conservatives had questioned his pro-immigration stance. In the 52-48 Senate, three Republican defections would have doomed Mr. Puzder if all 48 Democrats voted to deny him, and as many as a dozen GOP senators had indicated they wouldn't back the nomination. Mr. Puzder is head of the fast-food conglomerate CKE Restaurants Inc. that includes Carl's Jr. and Hardee's. His withdrawal came after a week that saw party-line confirmations in the Senate and a tie-breaking vote cast by Vice President Mike Pence to confirm Education Secretary Betsy DeVos. That 51-50 tally was the first time a vice president ever broke a tie on a cabinet nomination. Mr. Trump has already lost one senior member of his administration. He dismissed Mike Flynn as national security adviser on Monday because the administration said he may have misled the president and vice president about his communications with a Russian envoy.

Latest News

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

Wells Fargo names COO Scott Powell as its next chief risk officer
Wells Fargo names COO Scott Powell as its next chief risk officer

Derek Flowers, a nearly 30-year veteran, is set to retire in mid-January, handing the reins to the executive who helped lead the bank's regulatory turnaround.

Ameriprise runs advisor ads on ESPN, Golf Channel, CBS
Ameriprise runs advisor ads on ESPN, Golf Channel, CBS

The campaign spans broadcast TV and streaming, as the brokerage faces slowing client net flows and an $8.1 billion advisor team that left to launch an RIA this month.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

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