ASA Raises Concerns on DOL Proposed Rule
WASHINGTON, D.C. – Today, the American Securities Association (ASA) sent a letter to the U.S. Department of Labor (DOL) expressing concerns regarding the agency’s proposed rule to address employee or independent contractor classification under the Fair Labor Standards Act.
“The DOL’s proposed rule presents a profound shift in the interpretation of several of the economic realities including the control, integral to the business, and investment factors,” ASA CEO Chris Iacovella said. “The rule also fails to acknowledge not all industries are the same and ignores the unique legal and regulatory framework financial services firms must operate within. ASA urges the agency to significantly modify its interpretations in this proposal before moving forward with a final rule.”