I
118THCONGRESS
1
STSESSION H. R. 2612
To require the Securities and Exchange Commission to extend exemptions
for securities offered as part of employee pay to other individuals pro-
viding 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.
IN THE HOUSE OF REPRESENTATIVES
APRIL13, 2023
Mr. M
CHENRYintroduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Edu-
cation and the Workforce, for a period to be subsequently determined by
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned
A BILL
To require the Securities and Exchange Commission to ex-
tend exemptions for securities offered as part of employee
pay to other individuals providing goods for sale, labor,
or services for remuneration, to preempt certain provi-
sions of State law with respect to wage rates and bene-
fits, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
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SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘Gig Worker Equity 2
Compensation Act’’. 3
SEC. 2. EXTENSION OF RULE 701. 4
(a) I
NGENERAL.—The exemption provided under 5
section 230.701 of title 17, Code of Federal Regulations, 6
shall apply to individuals (other than employees) providing 7
goods for sale, labor, or services for remuneration to either 8
an issuer or to customers of an issuer to the same extent 9
as such exemptions apply to employees of the issuer. For 10
purposes of the previous sentence, the term ‘‘customers’’ 11
may, at the election of an issuer, include users of the 12
issuer’s platform. 13
(b) A
DJUSTMENT FOR INFLATION.—The Securities 14
and Exchange Commission shall annually adjust the dollar 15
figure under section 230.701(e) of title 17, Code of Fed-16
eral Regulations, to reflect the percentage change in the 17
Consumer Price Index for All Urban Consumers published 18
by the Bureau of Labor Statistics of the Department of 19
Labor. 20
(c) R
ULEMAKING.—The Securities and Exchange 21
Commission— 22
(1) shall revise section 230.701 of title 17, 23
Code of Federal Regulations, to reflect the require-24
ments of this section; and 25
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•HR 2612 IH
(2) may not revise such section 230.701 in any 1
manner that would have the effect of restricting ac-2
cess to equity compensation for employees or individ-3
uals described under subsection (a). 4
SEC. 3. PREEMPTION OF CERTAIN PROVISIONS OF STATE 5
LAW. 6
Any provision of a State law with respect to wage 7
rates or benefits that creates a presumption that an indi-8
vidual providing goods for sale, labor, or services for remu-9
neration for a person is an employee of such person under 10
such law is preempted. 11
SEC. 4. GAO STUDY. 12
Not later than the end of the 3-year period beginning 13
on the date of enactment of this Act, the Comptroller Gen-14
eral of the United States shall carry out a study on the 15
effects of this Act and submit a report on such study to 16
the Congress. 17
Æ
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