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The Human Capital podcast brings you the latest on the people who are helping to shape the financial services regulatory landscape, be they lawmakers, attorneys, industry officials or lobbyists. We'll get inside views from the movers and shakers on how various policy matters are impacting the advisory industry. Hosted by Melanie Waddell, Washington Bureau Chief for Investment Advisor Magazine and, this bi-weekly podcast complements the weekly Human Capital briefing. 

May 21, 2021

In this episode of Human Capital we talk with David Bellaire, general counsel for the Financial Services Institute in Washington, about FSI’s lawsuit against the Labor Department for withdrawing its independent contractor rule.

FSI filed a lawsuit on May 13 against the Labor Department for withdrawing its final independent contractor rule and is now actively lobbying Senators about a legislative remedy.

“I think that there is a deeply held view in the Biden administration that all workers are benefited by being employees rather than independent contractors -- that the protections provided to them are greater and therefore all workers should be employees of their firms," Bellaire said. "Our members would see that very differently. … They chose this model because they want to own their own business, they want to serve clients in the best way they could without interference.”

Listen in as Bellaire talks about the lawsuit’s timing, how withdrawal of the rule is impacting firms as well as why FSI worries that Labor and the Biden administration may pursue a more stringent independent contractor standard.