I'm not saying I support this, but in order to understand this proposal you have to understand what an exempt employee is in US (and state) law. (IANAL: this is my rough-and-ready understanding of the system). There are two categories of employee, exempt and nonexempt, and different labor rules apply to each, about things like overtime, unionization, and benefits. There are several tests for whether a given job is exempt or non-exempt, including salary and job description. In general, people with managerial or administrative responsibilities are exempt, whereas those who work hourly and do not supervise others are nonexempt. But it's incredibly complicated (see, e.g., this page). So many IT workers were in a grey area, and this bill proposes to put those above the salary cutoff on the exempt side of the line. It does not mean singling out IT workers for some uniquely debased, exploited status, but rather putting them in the category of professionals/administrators/managers (which confers both downsides and potential benefits). You can agree or disagree with the move, but you need to appreciate how it fits into the context of American labor law.
Hackers of the world, unite!