To require the Securities and Exchange Commission to extend exemptions for securities offered as part of employee pay to other individuals providing goods for sale, labor, or services for remuneration, to preempt certain provisions of State law with respect to wage rates and benefits, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires extension of Rule 701 The exemption provided under section 230.701 of title 17, Code of Federal Regulations, shall apply to individuals (other than employees) providing goods for sale, labor, or services, creates preemption of certain provisions of State law Any provision of a State law with respect to wage rates or benefits that creates a presumption that an individual providing goods for sale, labor, or services, and requires GAO study Not later than the end of the 3-year period beginning on the date of enactment of this Act, the Comptroller General of the United States shall carry out a study on the effects of this Act and submit a. It relies on reporting requirements, compliance mandates, definition changes, and exemptions. The main policy areas are Environmental Groups, Finance, and Environment.
Who Benefits and How
Financial services firms and customers affected by the bill could face reduced risk, Lobbyists, political organizations, and disclosure users affected by the bill could face lower compliance burdens, and Environmental and public health interests affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Financial services firms and customers affected by the bill would take on compliance duties.
Key Provisions
- Requires extension of Rule 701 The exemption provided under section 230.701 of title 17, Code of Federal Regulations, shall apply to individuals (other than employees) providing goods for sale, labor, or services...
- Creates preemption of certain provisions of State law Any provision of a State law with respect to wage rates or benefits that creates a presumption that an individual providing goods for sale, labor, or services...
- Requires GAO study Not later than the end of the 3-year period beginning on the date of enactment of this Act, the Comptroller General of the United States shall carry out a study on the effects of this Act and submit a...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires extension of Rule 701 The exemption provided under section 230.701 of title 17, Code of Federal Regulations, shall apply to individuals (other than employees) providing goods for sale, labor, or services, creates preemption of certain provisions of State law Any provision of a State law with respect to wage rates or benefits that creates a presumption that an individual providing goods for sale, labor, or services, and requires GAO study Not later than the end of the 3-year period beginning on the date of enactment of this Act, the Comptroller General of the United States shall carry out a study on the effects of this Act and submit a.
Key Policy Areas
Environmental Groups, Finance, Environment
Primary Purpose
The bill requires extension of Rule 701 The exemption provided under section 230.701 of title 17, Code of Federal Regulations, shall apply to individuals (other than employees) providing goods for sale, labor, or services, creates preemption of certain provisions of State law Any provision of a State law with respect to wage rates or benefits that creates a presumption that an individual providing goods for sale, labor, or services, and requires GAO study Not later than the end of the 3-year period beginning on the date of enactment of this Act, the Comptroller General of the United States shall carry out a study on the effects of this Act and submit a.
Policy Domains
Whole bill
Identified Gains
- Financial services firms and customers affected by the bill
- Lobbyists, political organizations, and disclosure users affected by the bill
- Environmental and public health interests affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
Legislative Progress
IntroducedMr. McHenry introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology