Over the past couple of weeks, IBAT staff has heard from many community bankers and other trade associations representing small business about the potential draconian effects of the Department of Labor’s (DOL) new overtime rule. The rule has sparked much controversy because it essentially doubles the threshold to be exempt from the Fair Labor Standards Act.
IBAT strongly encourages all IBAT members to write to members of Congress urging their support of H.R. 4773 and S. 2702, the Protecting Workplace Advancement Act, which would cause the DOL to delay and study this rule before its effective date of December 1, 2016.
“This new rule will essentially capture an additional 4.2 million workers, including many mid-level bank employees, who will now be non-exempt,” said IBAT President and CEO Chris Williston. “It will increase compensation costs while having a negative effect on employee morale, punishing those who demonstrate their dedication and commitment by working longer hours.”
Congress will be recessing soon and time is limited. Please consider writing your letter today! We also encourage those interested in an educational resource on this topic to register for Understanding the New Overtime Rules webinar on July 8, 2016.
Staff contact: Chris Williston, firstname.lastname@example.org, 512-474-6889