Basically, it makes it not mandatory to pay OT to hourly geeks above a threshold overtime. Companies can, if they wish. But do not have to do so. Not a huge deal, all and all. It will really royally suck for some geeks, and be "meh" for a lot more. If you are hourly, they will still have to pay you for the extra time, just not OT pay.
If I was under those circumstances, I'd only work straight pay OT when it was really crucial, otherwise... no. I'm not a type of person to drop the cat5 or keyboard at 5pm (or 2am, or whatever) and walk. I finish up what I do, just because it's easier in the long run. Working insane hours? Not unless it's a critical problem or project. That said, I do regular out of hours maintenance, which I chalk up to "part of the gig". Boss is a bit flexy on hours.
But regular IT death marches? Nope. Ain't happening.
Full text of the law:
To amend the Fair Labor Standards Act of 1938 to modify provisions relating to the exemption for computer systems analysts, computer programmers, software engineers, or other similarly skilled workers.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘Computer Professionals Update Act’ or the ‘CPU Act’.
SEC. 2. AMENDMENT TO THE FAIR LABOR STANDARDS ACT OF 1938.
Section 13(a)(17) of the Fair Labor Standards Act of 1938 (29 U.S.C. 213(a)(17)) is amended to read as follows:
‘(17) any employee working in a computer or information technology occupation (including, but not limited to, work related to computers, information systems, components, networks, software, hardware, databases, security, internet, intranet, or websites) as an analyst, programmer, engineer, designer, developer, administrator, or other similarly skilled worker, whose primary duty is--
‘(A) the application of systems, network or database analysis techniques and procedures, including consulting with users, to determine or modify hardware, software, network, database, or system functional specifications;
‘(B) the design, development, documentation, analysis, creation, testing, securing, configuration, integration, debugging, modification of computer or information technology, or enabling continuity of systems and applications;
‘(C) directing the work of individuals performing duties described in subparagraph (A) or (B), including training such individuals or leading teams performing such duties; or
‘(D) a combination of duties described in subparagraphs (A), (B), and (C), the performance of which requires the same level of skill;
who is compensated at an hourly rate of not less than $27.63 an hour or who is paid on a salary basis at a salary level as set forth by the Department of Labor in part 541 of title 29, Code of Federal Regulations. An employee described in this paragraph shall be considered an employee in a professional capacity pursuant to paragraph (1).’.