Andrew Puzder, President Trump's pick to head the Labor Department, is withdrawing his name as nominee to the Cabinet position.

"After careful consideration and discussions with my family, I am withdrawing my nomination for Secretary of Labor. I am honored to have been considered by President Donald Trump to lead the Department of Labor and put America's workers and businesses back on a path to sustainable prosperity," he said in a statement (see Puzder's blog).

Puzder's withdrawal will likely affect execution of Trump's order to review the fiduciary rule. Several sources told BenefitsPRO on record last week that a review couldn't be done without a sitting Labor head.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.