Fiduciary foe Scaramucci’s adviser role said to be revisited by White House
(Bloomberg) -- The White House may offer financier Anthony Scaramucci an ambassadorship or another job instead of appointing him to a top role advising President Donald Trump, a senior administration official said.
The change is under consideration because of a delay in the Office of Government Ethics’ review of Scaramucci’s financial disclosures, the official said. Scaramucci was in line to direct the White House Office of Public Liaison and Intergovernmental Affairs, but his appointment has never been formally announced. He has been an outspoken critic of the Department of Labor's fiduciary rule, which many industry insiders anticipate the Trump administration will delay.
Scaramucci didn’t immediately respond to requests for comment.
A spokesman for the ethics office said it’s not required to review Scaramucci’s hiring.
“OGE’s clearance is not needed prior to making White House appointments,” the spokesman said, requesting his name not be published. “OGE normally prefers not to discuss individual cases, but in this case a representation was made that OGE has been involved and is holding up the process. It’s not accurate, and OGE has had no involvement whatsoever in this matter.”
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Morgan Stanley and Advisor Group are moving ahead with changes despite the possibility that the Department of Labor's regulation could be reversed.January 30
The brokerage industry’s watchdog would also want to play an active role in the design of a possible SEC fiduciary regulation, Robert Cook says.January 23
"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.January 19
Scaramucci, 53, last month agreed to sell his 45% stake in SkyBridge Capital, an investment firm he founded, in a deal that values the company at about $180 million. Some analysts said the price was rich, although Scaramucci said it is fair and he turned down higher offers.
The buyer group included a subsidiary of HNA Group, a Chinese conglomerate, as well as a little-known company called RON Transatlantic. A RON spokesman declined to name its investors, and their identities haven’t been disclosed to Scaramucci’s SkyBridge Capital, according to a representative of the firm.
The administration official said that the White House didn’t want to wait for an OGE review of Scaramucci’s financial disclosures that could take as long as 90 days before filling the liaison position. The job was held in former President Barack Obama’s administration by Valerie Jarrett, who was among his closest advisers.
Trump has assured Scaramucci of his support in recent days, a person familiar with the situation said.