| 1 | 1 | | I |
|---|
| 2 | 2 | | 118THCONGRESS |
|---|
| 3 | 3 | | 1 |
|---|
| 4 | 4 | | STSESSION H. R. 2612 |
|---|
| 5 | 5 | | To require the Securities and Exchange Commission to extend exemptions |
|---|
| 6 | 6 | | for securities offered as part of employee pay to other individuals pro- |
|---|
| 7 | 7 | | viding goods for sale, labor, or services for remuneration, to preempt |
|---|
| 8 | 8 | | certain provisions of State law with respect to wage rates and benefits, |
|---|
| 9 | 9 | | and for other purposes. |
|---|
| 10 | 10 | | IN THE HOUSE OF REPRESENTATIVES |
|---|
| 11 | 11 | | APRIL13, 2023 |
|---|
| 12 | 12 | | Mr. M |
|---|
| 13 | 13 | | CHENRYintroduced the following bill; which was referred to the Com- |
|---|
| 14 | 14 | | mittee on Financial Services, and in addition to the Committee on Edu- |
|---|
| 15 | 15 | | cation and the Workforce, for a period to be subsequently determined by |
|---|
| 16 | 16 | | the Speaker, in each case for consideration of such provisions as fall with- |
|---|
| 17 | 17 | | in the jurisdiction of the committee concerned |
|---|
| 18 | 18 | | A BILL |
|---|
| 19 | 19 | | To require the Securities and Exchange Commission to ex- |
|---|
| 20 | 20 | | tend exemptions for securities offered as part of employee |
|---|
| 21 | 21 | | pay to other individuals providing goods for sale, labor, |
|---|
| 22 | 22 | | or services for remuneration, to preempt certain provi- |
|---|
| 23 | 23 | | sions of State law with respect to wage rates and bene- |
|---|
| 24 | 24 | | fits, and for other purposes. |
|---|
| 25 | 25 | | Be it enacted by the Senate and House of Representa-1 |
|---|
| 26 | 26 | | tives of the United States of America in Congress assembled, 2 |
|---|
| 27 | 27 | | VerDate Sep 11 2014 04:27 Apr 15, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2612.IH H2612 |
|---|
| 28 | 28 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
|---|
| 29 | 29 | | •HR 2612 IH |
|---|
| 30 | 30 | | SECTION 1. SHORT TITLE. 1 |
|---|
| 31 | 31 | | This Act may be cited as the ‘‘Gig Worker Equity 2 |
|---|
| 32 | 32 | | Compensation Act’’. 3 |
|---|
| 33 | 33 | | SEC. 2. EXTENSION OF RULE 701. 4 |
|---|
| 34 | 34 | | (a) I |
|---|
| 35 | 35 | | NGENERAL.—The exemption provided under 5 |
|---|
| 36 | 36 | | section 230.701 of title 17, Code of Federal Regulations, 6 |
|---|
| 37 | 37 | | shall apply to individuals (other than employees) providing 7 |
|---|
| 38 | 38 | | goods for sale, labor, or services for remuneration to either 8 |
|---|
| 39 | 39 | | an issuer or to customers of an issuer to the same extent 9 |
|---|
| 40 | 40 | | as such exemptions apply to employees of the issuer. For 10 |
|---|
| 41 | 41 | | purposes of the previous sentence, the term ‘‘customers’’ 11 |
|---|
| 42 | 42 | | may, at the election of an issuer, include users of the 12 |
|---|
| 43 | 43 | | issuer’s platform. 13 |
|---|
| 44 | 44 | | (b) A |
|---|
| 45 | 45 | | DJUSTMENT FOR INFLATION.—The Securities 14 |
|---|
| 46 | 46 | | and Exchange Commission shall annually adjust the dollar 15 |
|---|
| 47 | 47 | | figure under section 230.701(e) of title 17, Code of Fed-16 |
|---|
| 48 | 48 | | eral Regulations, to reflect the percentage change in the 17 |
|---|
| 49 | 49 | | Consumer Price Index for All Urban Consumers published 18 |
|---|
| 50 | 50 | | by the Bureau of Labor Statistics of the Department of 19 |
|---|
| 51 | 51 | | Labor. 20 |
|---|
| 52 | 52 | | (c) R |
|---|
| 53 | 53 | | ULEMAKING.—The Securities and Exchange 21 |
|---|
| 54 | 54 | | Commission— 22 |
|---|
| 55 | 55 | | (1) shall revise section 230.701 of title 17, 23 |
|---|
| 56 | 56 | | Code of Federal Regulations, to reflect the require-24 |
|---|
| 57 | 57 | | ments of this section; and 25 |
|---|
| 58 | 58 | | VerDate Sep 11 2014 04:27 Apr 15, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2612.IH H2612 |
|---|
| 59 | 59 | | kjohnson on DSK79L0C42PROD with BILLS 3 |
|---|
| 60 | 60 | | •HR 2612 IH |
|---|
| 61 | 61 | | (2) may not revise such section 230.701 in any 1 |
|---|
| 62 | 62 | | manner that would have the effect of restricting ac-2 |
|---|
| 63 | 63 | | cess to equity compensation for employees or individ-3 |
|---|
| 64 | 64 | | uals described under subsection (a). 4 |
|---|
| 65 | 65 | | SEC. 3. PREEMPTION OF CERTAIN PROVISIONS OF STATE 5 |
|---|
| 66 | 66 | | LAW. 6 |
|---|
| 67 | 67 | | Any provision of a State law with respect to wage 7 |
|---|
| 68 | 68 | | rates or benefits that creates a presumption that an indi-8 |
|---|
| 69 | 69 | | vidual providing goods for sale, labor, or services for remu-9 |
|---|
| 70 | 70 | | neration for a person is an employee of such person under 10 |
|---|
| 71 | 71 | | such law is preempted. 11 |
|---|
| 72 | 72 | | SEC. 4. GAO STUDY. 12 |
|---|
| 73 | 73 | | Not later than the end of the 3-year period beginning 13 |
|---|
| 74 | 74 | | on the date of enactment of this Act, the Comptroller Gen-14 |
|---|
| 75 | 75 | | eral of the United States shall carry out a study on the 15 |
|---|
| 76 | 76 | | effects of this Act and submit a report on such study to 16 |
|---|
| 77 | 77 | | the Congress. 17 |
|---|
| 78 | 78 | | Æ |
|---|
| 79 | 79 | | VerDate Sep 11 2014 04:27 Apr 15, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2612.IH H2612 |
|---|
| 80 | 80 | | kjohnson on DSK79L0C42PROD with BILLS |
|---|