Compliance February 27, 2025

Chavez-DeRemer’s Secretary of Labor Nomination Advances to Full Senate

The Senate Committee on Health, Education, Labor and Pensions cleared President Donald Trump’s nominee to head the Department of Labor, advancing her to a full Senate vote.

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The U.S. Senate Committee on Health, Education, Labor and Pensions voted Thursday to advance Lori Chavez-DeRemer’s nomination for secretary of labor to the full Senate.

The committee voted 14 to 9 to advance Chavez-DeRemer, with Senators Maggie Hassan, D-New Hampshire; Tim Kaine, D-Virginia; and John Hickenlooper, D-Colorado, joining Republican committee members to support President Donald Trump’s nominee to lead the Department of Labor. Senator Lisa Murkowski, R-Alaska, was not present but voted “yes” by proxy, with the unanimous consent of the other committee members.

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The three Democratic members’ support offset a “no” vote from Senator Rand Paul, R-Kentucky. Paul previously criticized Chavez-DeRemer for her support, as a member of the House of Representatives representing Oregon’s 5th congressional district, of the Protecting the Right to Organize Act of 2023, which sought to make it easier for workers to unionize.

However, Chavez-DeRemer largely walked back her support for the legislation in last week’s nomination hearing, saying she no longer supports the aspect of the PRO Act that would have overturned state right-to-work laws, which currently exist in 27 U.S. states.

Chavez-DeRemer did, however, express support for the Butch Lewis Act, passed as part of the American Rescue Plan Act of 2021, which allows the Department of the Treasury and the Pension Benefit Guaranty Corporation to provide grants to multiemployer defined benefit pension plans.

The nomination now moves to the Senate floor for a confirmation vote, for which no timeline has yet been set.

The Senate HELP Committee also held a nomination hearing Thursday for Keith Sonderling, nominated to serve as deputy secretary of labor.

A nomination hearing for Daniel Aronowitz, Trump’s nominee for assistant secretary of labor to lead the Employee Benefits Security Administration, has yet to be scheduled.

Deals & People February 27, 2025

Principal Asset Management Appoints Brant Wong Head of Retirement Solutions

Wong was previously head of retirement platforms at J.P. Morgan Asset Management.

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Brant Wong

Principal Asset Management has appointed Brant Wong as head of retirement solutions, a new role in which he will lead retirement investment product strategy across Principal’s asset management and U.S. retirement businesses.

Wong will focus on expanding and enhancing Principal’s retirement investment products by leveraging its investment capabilities, as well as its heritage in retirement and life solutions. His team will focus on delivering products tailored to individual investors and workplace investment needs.

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Chris Littlefield leads the retirement and income solutions business, and Kamal Bhatia the asset management businesses. Wong, who will be based in New York and will start on April 28, will report to Bhatia and will partner with Littlefield and his team.

Wong, an industry veteran of almost 30 years, previously served as head of retirement platforms at J.P. Morgan Asset Management, where he spent 23 years overseeing retirement strategy, platforms and national accounts. Before his tenure at J.P. Morgan, Wong worked at McKinsey & Co.

“I’m proud to be joining Principal, which is one of a few firms with expertise and service along an individual’s full investment journey and [which is] well poised to continue to develop new and innovative solutions to meet [its] needs,” Wong said in a statement.  

Wong’s appointment follows Deanna Strable assuming the role of CEO on January 7. Principal manages nearly $320 billion in retirement assets under management and continues to expand its suite of investment solutions. The firm’s focus includes developing increasingly personalized strategies that address both accumulation and decumulation phases of retirement while catering to a variety of price points.

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