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
By  Bloomberg

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

Mercer Advisors lands third-biggest deal to date with Full Sail Capital
Mercer Advisors lands third-biggest deal to date with Full Sail Capital

With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.

Fintech bytes: FP Alpha rolls out estate insights feature
Fintech bytes: FP Alpha rolls out estate insights feature

Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.

Morgan Stanley, Atria job cut details emerge
Morgan Stanley, Atria job cut details emerge

Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.

Envestnet taps Atria alum Sean Meighan to sharpen RIA focus
Envestnet taps Atria alum Sean Meighan to sharpen RIA focus

The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.

LPL, Evercore welcome West Coast breakaways
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.