DOL Releases Independent Contractor Rule Proposal

October 11, 2022

Today, the U.S. Department of Labor (DOL) filed a proposed rule under the Fair Labor Standards Act that would replace the existing 2021 test used to determine worker classification as either an independent contractor or an employee.

Below is a statement from Financial Services Institute (FSI) President & CEO Dale Brown:

“We are thoroughly reviewing the proposed rule as it is imperative to preserve independent financial advisors’ ability to choose to be independent contractors and provide the same level of certainty and clarity the existing rule provides independent advisors. We look forward to constructively engaging with DOL staff to ensure advisors’ independent contractor status is protected. However, the limited time between the DOL’s town halls, when it filed the rule with the Office of Management and Budget, and today’s release raises concerns about how much consideration, if any, the Department gave to the feedback it received from American workers and employers.”

Click here to view the filing and rule proposal.