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Trump’s New Assistant is Vocal DOL Rule Critic

January 17, 2017

Goldman Sachs alum and hedge fund founder Anthony Scaramucci, an advisor on President-elect Donald Trump’s presidential campaign, has been given a general advisor role in the new administration, Bloomberg reports.

Scaramucci, founder of hedge fund SkyBridge and an annual hedge fund industry conference in Las Vegas, will serve as an assistant to Trump with “general advisory” responsibilities, people who asked not to be identified tell the news service.

While the extent of his influence in the new administration isn’t clear, Scaramucci has been a fierce opponent of the Department of Labor’s fiduciary rule, which requires retirement brokers to put clients’ interests first, and has called for its repeal.

He attracted attention during Trump’s presidential campaign for comparing the rule to the infamous Dred Scott Decision — the 1857 U.S. Supreme Court ruling which concluded that African Americans weren’t American citizens.

Scaramucci, who after the election gained a seat on Trump’s transition team, has also said the rule “could be the dumbest decision to come out of the U.S. government in the last fifty to sixty years.”

To prepare for the job, Scaramucci is planning to sell his fund of hedge funds, which he founded in 2005, for an estimated $200 million to $250 million, people familiar with the business tell Bloomberg.

Scaramucci is a Harvard Law School graduate and worked in Goldman Sachs’ real estate investment banking division in 1989, according to the news service. He’s one of several Goldman Sachs alumni named to Trump’s cabinet, Bloomberg writes.

President Donald Trump (Getty)

Former partner Steven Mnuchin has been named Treasury secretary and investment bank president Gary Cohn will head the National Economic Council and advise Trump on economic policy, while Stephen Bannon will be the president-elect’s chief strategist, according to the news service.

By Alex Padalka
  • To read the Bloomberg article cited in this story, click here.