Gig Worker Equity Compensation Act

Hozzl · 2023-12-15T15:56:55Z

Explore the details of House Bill 2612 Gig Worker Equity Compensation Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:56 PM

Summary of Bill HR 2612

The Gig Worker Equity Compensation Act, also known as Bill 118 hr 2612, is a piece of legislation introduced in the US Congress. The purpose of this bill is to address the issue of equity compensation for gig workers, who are individuals who work in the gig economy as independent contractors or freelancers.

The bill aims to ensure that gig workers have access to equity compensation, which is a form of payment that gives workers a stake in the company they are working for. This can include stock options, restricted stock units, or other forms of equity ownership.

The Gig Worker Equity Compensation Act would require companies that employ gig workers to provide them with information about equity compensation opportunities and to offer them the chance to participate in these programs. The bill also includes provisions to protect gig workers from discrimination or retaliation for participating in equity compensation programs. Overall, the goal of the Gig Worker Equity Compensation Act is to provide gig workers with the same opportunities for equity compensation that traditional employees have, helping to ensure fair treatment and compensation for all workers in the gig economy.

Congressional Summary of HR 2612

Gig Worker Equity Compensation Act

This bill preempts any state law that classifies an individual providing labor or services for remuneration (i.e., an independent contractor) as an employee for purposes of wage-rate and benefit requirements.

The bill also broadens the existing Securities and Exchange Commission registration exemption for the issuance of securities as part of an employee-compensation package. Specifically, the bill applies this exemption to the issuance of securities as compensation for independent contractors.

The Government Accountability Office must report on the bill's effects.

Read the Full Bill

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Current Status of Bill HR 2612

Bill HR 2612 is currently in the status of Bill Introduced since April 13, 2023. Bill HR 2612 was introduced during Congress 118 and was introduced to the House on April 13, 2023. Bill HR 2612's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of April 13, 2023

Bipartisan Support of Bill HR 2612

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2612

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2612

Gig Worker Equity Compensation Act

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.