As the Department of Labor contemplates a new overtime rulemaking, the American Bankers Association joined 109 other trade groups in a letter urging the DOL to meet with industry groups prior to proposing a new rule.
The Biden administration’s fall 2021 regulatory agenda projected that DOL would issue a proposed rule in April 2022 that would revisit the salary level at which an employee could be exempted from federal overtime and minimum wage requirements, as well as revisit other aspects of the overtime regulatory regime. In 2019, with ABA’s support, DOL under the Trump administration issued a final rule that set the salary level at $684 per week, or $35,568 per year.
“This will be a significant rulemaking with respect to cost, difficulty in implementation and impact on the workforce, particularly given the current acute labor shortages,” said the trade groups. “Our organizations urge DOL to follow past precedents and hold meetings with the regulated community to obtain input on the potential impact of any changes to the overtime exemption requirements.”