{"id":20500,"date":"2023-07-26T02:41:05","date_gmt":"2023-07-26T02:41:05","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/07\/25\/gop-spending-bill-keeps-dol-indie-contractor-rule-alive\/"},"modified":"2023-07-26T02:41:05","modified_gmt":"2023-07-26T02:41:05","slug":"gop-spending-bill-keeps-dol-indie-contractor-rule-alive","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/07\/26\/gop-spending-bill-keeps-dol-indie-contractor-rule-alive\/","title":{"rendered":"GOP Spending Bill Keeps DOL Indie Contractor Rule Alive"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/759296255\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/11\/US_Capitol_Washington_DC_BB_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/11\/US_Capitol_Washington_DC_BB_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Labor\u2019s most recent regulatory agenda lists the final rule as coming in August.<\/p>\n<p>Dale Brown, FSI\u2019s president and CEO, <a href=\"https:\/\/www.thinkadvisor.com\/2023\/01\/24\/fsi-chief-vows-to-keep-fighting-dol-indie-contractor-rule\/\" target=\"_blank\" rel=\"noopener\">said in January<\/a> that Labor\u2019s new independent contractor rule shows DOL doesn\u2019t \u201cunderstand the independent advisor model and gig economy workers \u2014 these are professionals that own their own businesses, own their own practices. They chose to be independent.\u201d<\/p>\n<p>Brown said&nbsp;Labor\u2019s new independent contractor rule \u201cis a big step backwards,\u201d and remains \u201ca major issue\u201d for&nbsp;FSI.&nbsp;\u201cWe have engaged that fight and it will continue.\u201d<\/p>\n<p>On Monday in an email, an FSI spokesperson reiterated that the 2021 independent contractor rule \u201cprovides workers and businesses, particularly the independent financial services industry, with the much needed clarity regarding workers\u2019 classification.\u201d<\/p>\n<p>The pending new Labor rule \u201cwould create uncertainty regarding many financial advisors\u2019 independent contractor status, impose burdensome costs on independent financial services firms and, ultimately, impact Main Street Americans\u2019 access to affordable, professional financial advice,\u201d FSI said. \u201cOur financial advisor members have chosen to be independent contractors, with many having switched from an employee-based model, and we support efforts that protect advisors\u2019 ability to make that choice.\u201d<\/p>\n<p>Sens. Bill Cassidy, R-La., ranking member of the Senate Health, Education, Labor and Pensions (HELP) Committee, along with Tim Scott, R-S.C., and John Thune, R-S.D., <a href=\"https:\/\/www.thinkadvisor.com\/2023\/04\/28\/new-bill-seeks-to-clarify-independent-contractor-status\/\" target=\"_blank\" rel=\"noopener\">introduced in April <\/a>the Employee Rights Act of 2023, which they say would protect independent contractors and clarify the definition of \u201cemployee.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Labor\u2019s most recent regulatory agenda lists the final rule as coming in August. Dale Brown, FSI\u2019s president and CEO, said in January that Labor\u2019s new independent contractor rule shows DOL doesn\u2019t \u201cunderstand the independent&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":20501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/07\/gop-spending-bill-keeps-dol-indie-contractor-rule-alive.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20500"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20500"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/20501"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}