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ASA Sends DOL Letter on Independent Contractors

The letter highlighted NERA Economic Consulting's study examing the role of independent contracting

WASHINGTON, D.C. – This week, the American Securities Association (ASA) joined several trade associations in sending a joint letter to the Department of Labor (DOL) highlighting a study conducted by NERA Economic Consulting to examine the role of independent contracting.

“Independent contractors aid financial institutions in serving local communities and helping millions of Americans achieve their financial goals,” ASA CEO Christopher Iacovella said. “According to NERA’s survey, more than half a million people work as independent contractors and account for at least one of every seven insurance agents, financial advisors, and securities agents in the financial services industry. The DOL’s proposed regulation should be revised to avoid interfering with independent contracting and disrupting the small businesses and consumers who benefit from these work arrangements.”

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