The American Bankers Association joined 92 other trade associations in a letter last week urging the Department of Labor to “abandon or postpone” issuance of a proposed rule to modify existing overtime regulations.
DOL has stated its intention to issue a proposed rule this spring 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. The trade groups’ letter comes after the groups participated in “listening sessions” held by DOL where industry expressed concern with DOL’s plans to re-open existing overtime regulations.
“Due to significant concerns with supply chain disruptions, workforce shortages, inflationary pressures, and the shifting dynamics of the American workforce following the COVID-19 pandemic, any rule change now would be ill-advised,” said the trade groups.