Background: In an effort to win the support of health insurance companies during the debate over Obamacare in 2009, three health insurer bailout provisions were written into the bill to compensate health insurance companies for insuring high-cost consumers in the Obamacare state exchanges. These three bailout provisions include risk corridors, reinsurance and cost-sharing reduction subsidies. Combined, these could cost taxpayers $170 billion over the next decade. The risk corridor and reinsurance provisions expired last year,
Background: President Donald Trump, Speaker Paul Ryan and Senate Majority Leader Mitch McConnell made it clear before the November 2016 election that pro-growth tax reform would be a major legislative priority for Republicans in 2017 if they were given the chance to govern. Now that the American people gave Republicans control of the House, Senate and White House, there is a real opportunity to achieve comprehensive, pro-growth tax reform. A rewrite of the tax code couldn’t come soon enough.
Background: In response to the financial crisis of 2007-08 and the Great Recession, Congress rushed through Dodd-Frank under the guise of “consumer protection.” This law imposes 3,500-plus pages of new rules and regulations on the financial industry. Dodd-Frank codified “too big to fail” policies, destroyed local community banks, restricted access to credit for investors and homebuyers, raised lending costs, reduced access to capital for businesses, and created one of the most powerful and unaccountable federal agencies in the Consumer Financial Protection Bureau (CFPB).
Background: In March 2014, President Obama directed the Department of Labor (DOL) to significantly reform overtime regulations affecting salary exempt employees under the Fair Labor Standards Act (FLSA). The FLSA requires most employers to pay their hourly employees one and a half times their usual pay for time worked above 40 hours a week. The current overtime rule also requires most employers to pay their salary exempt employees making under $23,660 a year one and a half times their usual pay for time worked above 40 hours a week.
Background: Enacted in 1931, the Davis-Bacon Act (DBA) requires contractors to pay no less than the local prevailing wage to on-site workers working on federally funded construction projects costing over $2,000. Originally passed during the Great Recession to prevent the federal government from driving down construction wages, the DBA has long outlived its purpose. The DBA wastes taxpayer dollars and decreases construction jobs.
Inaccurate Wage Rates: The prevailing wage is determined based upon the wages earned by workers on non-federal construction projects in the same locality.