Patrick McHenryChairman

Washington, November 24, 2020 -

Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Securities and Exchange Commission’s (SEC) proposal to provide equity compensation options for gig workers:

“I’m glad to see the SEC is taking action to provide compensation options for gig workers, who are critical in our technology-driven world. Rule 701 is out-of-date and does not support the flexibility a modern workforce needs—I applaud the SEC for recognizing this and acting. This fall, I introduced the Gig Worker Equity Compensation Act so that the SEC would start treating non-traditional workers similarly to company employees. My bill would give gig workers access to ownership of the businesses they are helping make successful and ensure they benefit from our ongoing economic recovery. I look forward to continuing to work with the Commission to implement my broader proposal, but am glad to see this unambiguous step forward.”

In September, Ranking Member McHenry introduced the Gig Worker Equity Compensation Act, which encouraged the SEC to treat gig workers similarly to company employees for the purposes of Rule 701.

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