Washington, D.C., counsel Brad Campbell was quoted in an Advisor One article on likely changes in the regulatory and legislative landscapes should there be a change of administration on November 6.

While some rules will maintain momentum regardless of an Obama or Romney win, the article says the Department of Labor's (DOL) fiduciary rule “won't see the light of day” under a Romney administration.

Brad explained that if there is a Romney administration, "almost all of the political appointees in the entire executive branch will be replaced," including Phyllis Borzi, the Obama administration's Assistant Secretary for DOL's Employee Benefits Security Administration (EBSA), and chief architect of the fiduciary rule.

He added that the "bipartisan opposition to the proposal makes it very unlikely that proceeding with the proposal would be on a Romney administration's agenda."

Brad said a Romney administration will have a full plate of ERISA issues just in fully implementing the two new fee disclosure regulations-408(b)(2) and 404a5. The administration would also have to address the tax treatment of retirement plans during the debate on comprehensive tax reform.

Brad also noted that one of the biggest issues for the next Congress and administration to tackle is the tax treatment of retirement plans under broad tax reform.