Expect a wave of new federal regulations in 2016
BUSINESS RECORD STAFF Dec 29, 2015 | 9:45 pm
1 min read time
222 wordsAll Latest News, Government Policy and LawPresident Barack Obama is preparing to unleash a wave of new regulations in 2016 as he looks to shore up his legacy on public protection issues during his final year in office, The Hill reported.
The Securities and Exchange Commission, the Food and Drug Administration and the Labor Department are all expected to finalize major federal rules that critics say are long overdue.
The regulations include a final rule from the 2010 Dodd-Frank financial reform law that will force companies to compare the paychecks of their top executives with company performance, final rules for cigars and electronic cigarettes proposed well over a year ago and a final regulation to protect construction workers from deadly silica dust.
Perhaps the most sweeping action in the new year will be a final rule to extend overtime pay to nearly 5 million white-collar workers. The proposed rule came in June as the result of an executive order President Obama issued in May. Under the proposed rule, any worker earning up to $50,000 annually would be eligible for overtime.
Labor Department spokesman Jason Surbey said the agency is diligently reviewing the more than 270,000 comments it received.
Regulatory experts are also expecting the Consumer Financial Protection Bureau to propose new rules in 2016 to protect consumers’ right to file or join a class-action lawsuit against a financial company.
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