FSI Asks DOL to Extend Indie Contractor Rule Comment Period

The proposed rule, Bellaire continued, “is of great importance to FSI members, who choose to be self-employed independent contractors.”

An extension of the comment period is appropriate in this case, Bellaire said, “because it brings the timeline in conformity with Executive Order (EO) 12866, which states that ‘each agency should afford the public a meaningful opportunity to comment on any proposed regulation, which in most cases should include a comment period of not less than 60 days.’”

A 90-day comment period is also appropriate given the plan’s “large economic impact,” Bellaire added.

With the proposal of this new rule, Bellaire said, “DOL continues a back-and-forth on the issue of worker classification, creating regulatory tumult just as those affected had adjusted to the reinstatement” of the previous independent contractor rule.

Bellaire told ThinkAdvisor on Oct. 21 in an interview that Labor’s new rule “stands to create a major headache for financial advisors.”