Small Business ALERTS, Office of Advocacy, August 3, 2015
Tuesday, August 04, 2015
August 3, 2015
Please see the update from the SBA Office of Advocacy. You can stay up-to-date on our office by reading our comment letters and reviewing our research. As always, we are seeking your input on current regulatory alerts and your participation in our regulatory roundtables. Please be in touch directly with the listed Advocacy contact for any questions or comments on these topics. Feel free to contact me with other questions or concerns.
NEW CHIEF COUNSEL NOMINEE
Darryl L. DePriest, Nominee for Chief Counsel for Advocacy, Small Business Administration
On July 27, 2015, the White House announced the President’s nomination of Darryl L. DePriest to be Chief Counsel for Advocacy. DePriest is currently the senior consultant for legal and regulatory communications for Hill and Knowlton Strategies, a position he has held since 2008. Prior to joining Hill and Knowlton, he served as general counsel of the American Bar Association from 1988 until 2006. From 1980 to 1988, DePriest was a litigation attorney at Jenner & Block, and was named partner in 1987. From 1979 to 1980, he was a judicial law clerk for Judge Robert E. Keeton of the U.S. Circuit Court for the District of Massachusetts. DePriest has served as fellow, board member, and president of Leadership Greater Chicago, and as chair of the City of Chicago Board of Ethics. He received a B.A. from Harvard University and a J.D. from Harvard Law School.
NEW ADVOCACY BLOG
On July 29, 2015, the Office of Advocacy launched a new and improved blog aimed at providing a better user experience for its small business stakeholders. You can see the new blog here.
OPEN COMMENT PERIODS
SEC Issues Proposal to Amend Investment Adviser Registration
On June 17, 2015, the Securities and Exchange Commission (SEC) issued a proposed rule that would revise the paperwork requirements for investment advisers who are registering with the SEC and with their state. Specifically, the SEC is proposing amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business. The proposal would also incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV. Additionally, the proposal would make clarifying, technical and other amendments to certain Form ADV items and instructions.
Submit comments here by August 11, 2015.
Advocacy contact: Dillon Taylor at 202-401-9787
Department of Labor Issues Overtime Regulations
The Department of Labor’s Wage and Hour Division (DOL) published its proposed rule that amends the regulations under the Fair Labor Standards Act (FLSA) governing the “white collar” exemption from overtime pay for executive, administrative and professional employees.
The proposed rule from DOL:
· would double the salary threshold for employees who are eligible to receive overtime pay, from $23,660 to $50,440. This salary threshold will also be updated every year in the Federal Register.
· does not propose regulatory changes to the duties tests, which require employees to perform certain primary duties to qualify for an overtime exemption. However, DOL is seeking feedback on whether these duties tests should be revised.
DOL estimates that this rule would:
· directly affect 4.6 million workers in the U.S. Total direct employer costs for Year 1 are estimated to equal $592.7 million dollars.
· cost each small business, on average depending on the number of workers covered by the regulation, $100 to $600 in direct costs and $320 to $2,700 in additional payroll costs to employees in the first year after the promulgation of the proposed rule.
· cause each small business to spend one hour of time for regulatory familiarization; one hour per each affected worker in adjustment costs; and five minutes per week scheduling and monitoring each worker expected to be classified as overtime eligible as a result of the proposed rule.
Advocacy is seeking feedback on the number and types of small businesses affected by this rulemaking, the compliance costs of this rule to these small businesses, and any significant regulatory alternatives that may minimize the impacts of this rule.
Submit comments here by September 4, 2015.
Advocacy contact: Janis Reyes at 202-205-6533
EPA Proposes Emission Requirements for New Medium- and Heavy-Duty Vehicles
On July 13, 2015, the Environmental Protection Agency (EPA) and the National Highway Transportation Safety Administration (NHTSA) issued a joint proposed rule, “Greenhouse Gas Emissions and Fuel Efficiency Standards for Medium- and Heavy-Duty Engines and Vehicles—Phase 2.” This proposed rule would further tighten greenhouse gas emission requirements for new Medium-Duty and Heavy-Duty vehicles. It would also cover new trailers for the first time.
Submit comments here by September 11, 2015.
Advocacy contact: David Rostker at 202-205-6966
Office of Advocacy
U.S. Small Business Administration
Congressional Affairs and Public Relations Manager