DOL's new overtime rule clears another hurdle.

The long-awaited new Department of Labor overtime rule is one step closer to being released, now that it has been forwarded for review by the federal Office of Management and Budget.

The DOL sent its proposed final rule to OMB's Office of Information and Regulatory Affairs on July 12. OIRA will now review the rule to assess its fiscal impact. OIRA review is typically the last step in the regulatory process before a rule is published in the Federal Register.

Caveat: Rules often languish for months at the OIRA-review stage, so there's no way to tell when the final overtime rule will be published. In June, OMB said the rule would not be published before August.

For more than a year, the Department of Labor has been...