Summary: Although Washington is abuzz with activity as a new president and a new Congress attempt to craft a major economic stimulus package, many of the age-old rivalries and partisan squabbles continue to bog down progress, even as President Obama pushes for a change in the way things work. Still, changes will come as legislators attempt to get the U.S. economic train back on the tracks. What will that mean for defined contribution plan sponsors and their plan participants? In this podcast, John J. O'Neill, a partner in the Washington office of Venable, walks us through the election, the players - new and old - the number one priority of lawmakers and what's on President Obama's list of things to do over his first 100 days in office. The podcast is a recording from Mr. ONeill's speech at P&I's East Coast Defined contribution conference, held Feb. 8 through 10. Slides accompanying his talk are also available. With a mix of wit and humor, Mr. O'Neill points out that the legislative process remains slow as molasses but that an economic stimulus package will be on the president's desk sometime soon, with financial market reform the next likely subject that Congress will address. Despite the news in the fall of 2008 about the push that California Democrat George Miller, chairman of the House Education and Labor committee was pushing for dramatic changes in 401k plans, Mr. O'Neill says the election and the economy have pushed that effort into the background for the foreseeable future. Still, he says fee transparency is still an issue to keep an eye on and suggests that over the long term, regulatory changes and possible fundamental reform are distinct possibilities.
