20,660 a year to 50,440. The Senate Small Business Committee Held a hearing on the new labor rules. Senator david vitter chairs this hour 10 minute hearing. Good morning, everybody, and thanks for joining us today for the Senate Small Business and Entrepreneurship Committee hearing to examine the obama administrations proposal to more than double the current salary threshold under the fair labor standard acts overtime exemption for administrative, executive, and professional employees. Were going to hear from a Diverse Panel of experts and stakeholders on the impact this proposed rule would have an Small Businesses and organizations around the country. And i want to thank all of our witnesses for being here today. In previous hearings, this committee has focused on the need for Regulatory Reform in light of how federal agencies often issue new rules and regulations that cause extreme undue burden on Small Businesses. As one of the most controversial labor regulations pushed by the obam
Like labor, they may have to cut Critical Community services to reduce labor costs. This is really unacceptable, especially for rural and poor areas that rely on Different Services provided by nonprofits. After hearing from many concerned workers and Business Owners, i urged secretary perez to extend the Public Comment period to allow Small Business owners and employees the opportunity to examine the proposed rule and comment carefully. Shortly afterward, the office of advocacy wrote a similar Public Comment letter requesting a 90day extension of the comment period. Unfortunately, all of these requests were denied by secretary perez. I have serious concerns with president obamas proposed changes to overtime regulations which will negatively impact the ability of Small Businesses and other organizations to operate effectively. While the rule is expected to become finalized within the next several weeks, its crucial that the administration reconsider their onesizefitsall approach. Now le
Job cuts for the colleges employees. Senator alex ander joined senator tim scott to author s2707, the protecting workplace advancement and opportunity act, which would prevent the department of labor from finalizing president obamas proposed rule. I strongly support these efforts to move forward with the bill and want to commend their work on this important issue. Along with the Small Business Administrations Office of advocacy and members of congress from the house and senate, i have raised several concerns about the role and representation of Small Businesses throughout this rule making process. I storongly believe this proposl lacks adequate Economic Analysis and i was alarmed when the office of advocacy submitted comments that sharply criticized the mean in which the dol crafted the proposal. Their comments stated that the dols initial regulatory flexibility analysis was inaccurate and severely undercounted the number of Small Businesses that would be affectaffect ed by the rule. I
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