In This Issue
Realtor Insider DC News and Events
Congress Partially Funds Government through September
Worker Classification (independent contractor v. employee)
NAR’s Recent Meeting With DOL; Final Rule Is Effective
Realtor Insider DC News and Events
Congress Partially Funds Government through September
On Friday, March 8, Congress passed a $460 billion spending package to fund several federal agencies through September 30, 2024 - narrowly averting a partial government shutdown. The spending bill keeps open several agencies which would have otherwise shutdown after the March 8 deadline and and sustains their programs, including the Department of Housing and Urban Development, the U.S. Department of Agriculture, the Department of Veterans Affairs, Department of Transportation, and the Treasury Department.
Still left for Congress to fund are the remaining agencies, which have a March 22 deadline to avoid a shutdown. The National Flood Insurance Program (NFIP) is also set to expire on that date, as its authorization is tied to the federal spending bills.
NAR has advocated for Congress to pass a long-term spending bill ahead of a government shutdown to keep important federal programs and agencies running as well as to avoid a lapse in the NFIP, which would impact thousands of homeowners living in flood zones for whom the NFIP keeps flood insurance affordable. In addition to keeping the costs of flood insurance down, the NFIP plays a crucial role in home sales for buyers in flood zones.
Read NAR's letter urging Congress to avert a shutdown.
What a Government Shutdown Means for REALTORS®
Erin Stackley, estackley@nar.realtor, 202-383-1150
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Worker Classification (independent contractor v. employee)
NAR’s Recent Meeting With DOL; Final Rule Is Effective
The U.S. Department of Labor's (DOL) final rule regarding how workers are classified under the Fair Labor Standards Act (FLSA) becomes effective today, March 11, 2024. This final rule was issued in January 2024, and now will go into effect. Last week, NAR met with officials at the U.S. Department of Labor’s Wage and Hour Division to discuss the recent rule and its impact on the real estate industry. The meeting focused on the rule’s adoption of the economic realities test, and how the test could impact how real estate professionals are classified. NAR also expressed concerns regarding the preemptive effect of the federal rule and how it may impact state worker classification laws.
NAR will continue to advocate on worker classification matters and to ensure that real estate professionals retain the ability to be classified as real estate professionals. NAR will continue to provide key updates regarding this matter.
Nia Duggins, nduggins@nar.realtor, 202-383-1085
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