Regulatory Rollbacks Saved Hundreds of Millions, Says Labor Secretary

Speaking at the U.S. Chamber of Commerce’s Small Business Summit on Oct. 3, 2018, Labor Sec. Alexander Acosta claimed that recent updates to guidance on classifying workers as independent contractors, authorizing association health plans as alternatives to ACA-qualified insurance plans, and other regulatory shifts by the Trump administration saved employers more than $400 million.

He also detailed his agency’s efforts to reintroduce a new overtime rule in January 2019. Acosta and other DOL officials are attending meeting across the country to solicit ideas for setting the exempt/nonexempt salary threshold and calculating the costs of changing the current threshold.

You can see and hear Acosta’s full remarks by visiting the summit’s website. Acosta appears at the 24-minute mark of the video labeled PT2. He is joined by Linda McMahon, who currently leads the Small Business Administration.