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New Overtime Rule Expected to Boost Pay Eligibility - ABI

Rep. Tim Ryan (D-Ohio) said that he plans to reintroduce 2017 legislation that would define worker claims in bankruptcy as administrative expenses, meaning they’d be paid in full, like the investment bankers, consultants, lawyers and liquidators who earn millions of dollars dismantling dying companies, Bloomberg News reported. It comes after 19 Democrats, including Ryan and presidential candidates Bernie Sanders and Tulsi Gabbard, teamed up in July to demand answers from Toys “R” Us’ owners after its bankruptcy left workers in the lurch. Rep. Alexandria Ocasio-Cortez (D-N.Y.) released a video featuring struggling former Toys “R” Us workers on the first Black Friday since their layoffs. And Sen. Elizabeth Warren (D-Mass.), another 2020 candidate, publicly challenged former Sears Chairman Eddie Lampert’s “commitment to the company’s employees” in a January letter. Ryan's bill would prioritize pension claims for fired workers when their companies go under. It joins legislation to hike taxes on the wealthiest Americans, provide wage and leave guarantees and restrict corporate share buybacks. Though the bill is a longshot to become law because it would have to pass the Republican Senate, it could lead to legislation on the state level that would complicate the bankruptcy process.

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