What is the law regarding your pay when going from hourly to salary?

Question Details: I have been an hourly employee at my company for 5 1/2 years. I was selected 2 years ago to work on an executive project with a new job title. I made a request recently to be moved from hourly to salary as I was the only hourly employee and wanted the freedom of overtime without approval. I have now been put on salary at a significantly lower gross pay then I was making at both my previous position and the past 2 years in my current position. Is this legal??

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