DeLauro Statement on Department of Labor Finalized Rulemaking

Today, Congresswoman Rosa DeLauro (CT-03) released a statement in support of the Department of Labor's recent rulemaking on overtime pay eligibility and retirement security protection.

"I applaud the Department of Labor and Acting Secretary Julie Su for moving two rules to protect workers working overtime and those saving for retirement," said Congresswoman DeLauro. "Together, these rules will ensure that workers receive the money they have earned and deserve - whether it be through ensuring correct wages from working overtime or saving so they can retire with financial security. The Biden administration is the most pro-worker administration in history, and I am proud to work alongside them as they enact policies that protect workers and ensure they have access to their hard-earned money."

The U.S. Department of Labor finalized its rule that would guarantee overtime pay for most salaried workers earning less than $58,656 per year. The rule would restore and extend overtime protections to millions of low-paid salaried workers and prevent further erosion of overtime protections by updating the salary threshold every three years.

The Department also has finalized its Retirement Security Rule to protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings. This final rule will protect retirement savings by updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.

The final rule requires trusted investment advice providers to give prudent, loyal, honest advice free from overcharges. These fiduciaries must adhere to high standards of care and loyalty when they recommend investments and avoid recommendations that favor the investment advice providers' interests - financial or otherwise - at the retirement savers' expense. Under the final rule and amended exemptions, financial institutions overseeing investment advice providers must have policies and procedures to manage conflicts of interest and ensure providers follow these guidelines.