President Donald Trump has nominated current Acting Secretary Keith Sonderling to lead the Department of Labor (DOL) on a permanent basis. As Deputy Secretary, Sonderling has played a leading role in helping end the “war on ESOPs” at the DOL through substantive changes in the Department’s posture.
“For ESOP companies, the millions of Americans participating in an ESOP, and professional service providers, Keith Sonderling is an excellent choice for Secretary of Labor,” said James Bonham, President and CEO of The ESOP Association. “The ESOP Association and our members are highly supportive of his nomination and look forward to working with Secretary Sonderling on an agenda that creates more ESOPs, protects Americans’ retirement security, and allows more workers to participate in broad-based employee ownership.”
In January, Sonderling announced that EBSA was changing its enforcement priorities, which included removing ESOPs “to ensure an even-handed, responsive approach to investigations to produce the best results for American workers, retirees, and their families.” He said that the new enforcement priorities will make investigations “more efficient, responsive, and prioritize serious misconduct rather than minor foot faults.”
Sonderling has also been a leading advocate for curbing ERISA litigation abuse by plaintiffs’ attorneys, promising to end “regulation by litigation”.
