Independent Contractor Status Under the Fair Labor Standards Act
Summary
SIFMA and joint trades provided comments to the U.S. Department of Labor (DOL) on proposed rule to withdraw the final rule on Independent Contractor Status under the Fair Labor Standards Act (FLSA), which was published January 7, 2021.
SIFMA signed along with:
- American Council of Life Insurers (ACLI)
- American Securities Association (ASA)
- Financial Services Institute (FSI)
- Independent Insurance Agents & Brokers of America (Big “I”, IIABA)
- Insured Retirement Institute (IRI)
- National Alliance of Life Companies (NALC)
- National Association of Health Underwriters (NAHU)
- National Association of Insurance and Financial Advisors (NAIFA)
- National Association of Professional Insurance Agents (PIA)
Excerpt
April 12, 2021
Via Electronic Submission
Division of Regulations, Legislation, and Interpretation
Wage and Hour Division
U.S. Department of Labor, Room S-3502
200 Constitution Avenue, NW
Washington, DC 20210
Re: RIN1235-AA34, Independent Contractor Status Under the Fair Labor Standards Act; Withdrawal
To Whom It May Concern:
We, the undersigned trade associations, appreciate the opportunity to comment on the U.S. Department of Labor’s (DOL or Department) proposed rule (1) to withdraw the final rule on Independent Contractor Status under the Fair Labor Standards Act (FLSA), which was published January 7, 2021.2 We reiterate our support for the final rule and urge the DOL not to withdraw it. Our previous comments to the Department have highlighted that financial professionals choosing to operate as independent contractors help generate economic growth and financial security to the local communities they serve throughout the nation. Our foremost concern remains to work with the Department on promoting and protecting Americans’ financial well-being through the insurance, savings and investment, and other financial services our members provide. The work that those operating as independent contractors within our industry performs is vital to this goal.
(1) 86 FR 14027 (Mar. 12, 2021)