NLBMDA Applauds Introduction of Bill Delaying New Overtime Pay Regulation
Washington—The National Lumber and Building Material Dealers Association (NLBMDA) applauds introduction yesterday of the Protecting Workplace Advancement and Opportunity Act in the House of Representatives and Senate, which would delay publication of the U.S. Department of Labor’s (DOL) expected regulation dramatically expanding mandatory overtime pay. Introduced by Rep. Tim Walberg (R-MI) and Sen. Tim Scott (R-SC), the legislation requires DOL to conduct a comprehensive economic analysis on the impact of mandatory overtime expansion to small businesses, nonprofits, and public employers.
The bill was introduced in response to grassroots concern that the dramatic changes proposed will not only result in an estimated cost of $8.4 billion per year, but will also reduce opportunity and flexibility for millions of executive, professional, and administrative employees. As proposed, the salary level under which employees qualify for overtime pay will increase from $455 per week ($23,360 annually) to an estimated $970 per week ($50,440 annually).
Earlier this week, DOL sent a final rule to the White House’s Office of Management Budget (OMB) for review. OMB’s Office of Information of Regulatory Affairs (OIRA) is required to take a minimum of 30 days reviewing the regulation. Upon completion of the review by OIRA, DOL will either publish a final rule or further revise the rule. NLBMDA has requested a meeting with OIRA regarding DOL’s overtime proposal and also plans to submit comments on the rule. DOL is expected to publish a final rule as soon as late-April.
“Lumber dealers are pleased with the action taken by Congressman Walberg and Senator Scott,” said NLBMDA President and CEO Jonathan Paine. “NLBMDA encourages Congress to delay the final rule until DOL conducts a comprehensive economic analysis as recommended by the Obama Administration’s Small Business Administration.”
Dealers should take action by going to NLBMDA’s Legislative Action Center and sending a letter to their Representative and Senators asking for their support of the Protecting Workplace Advancement and Opportunity Act (S.2707 and H.R 4773).