Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, issued the following statement, attributed to TechNet President and CEO Linda Moore, following the Department of Labor’s (DOL) rule for determining contractor status under the Fair Labor Standards Act:

“The continued growth of the gig economy has created income opportunities in virtually every corner of the country. It allows Americans from all walks of life — students, parents, caregivers, entrepreneurs, veterans, and retirees — to work independently and on preferred discretionary schedules, run their own businesses, and provide for themselves and their families while being their own boss. These workers want the flexibility that independent work affords. That is why 77 percent of these workers support their current classification as independent contractors and don’t want to be reclassified as employees.

“The DOL’s rule will hurt the 58 million gig economy workers who are helping drive our economy forward, especially the millions who choose independent work because they are precluded from working in traditional opportunities due to chronic illness, disabilities, or family responsibilities. This rule will cost our economy $42.1 billion, including an estimated $31.4 billion in lost earnings for vulnerable individuals.

“At a time when workers seek flexibility, this rule will decrease opportunities for those who earn their living as independent contractors and the companies who partner with them. This will harm their ability to provide for their families and grow their businesses. We urge Congress to take quick action to protect these hard-working Americans and prevent this rule from going into effect.”