WASHINGTON – (RealEstateRama) — Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., issued the following statement regarding the U.S. Department of Labor’s final overtime rule that was released today:
“The sheer arrogance displayed by the Department of Labor in failing to heed the concerns of the nation’s small business community will result in severe repercussions that will harm workers, small businesses, housing affordability, job growth and the economy.
“By radically doubling the current overtime salary limit of $23,660 to $47,476, this blatant regulatory overreach will essentially hurt many of the workers the rule was meant to help. Small business owners across the land, including the vast majority of home building firms, will be forced to scale back on pay and benefits, as well as cutting workers’ hours in order to avoid overtime requirements and remain in business.
“Congress can play a constructive role by moving quickly to pass the Protecting Workplace Advancement and Opportunity Act, legislation that would force the agency to withdraw this rule until it has considered the effects it would have on small businesses, consumers, workers and the economy.”