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FEATURED INDUSTRY NEWSAxios Journalists Mike Allen And Alex Thompson To Keynote NMMA’s 2024 Advocacy EventThe American Boating Congress (ABC) 2024 is proud to announce that Mike Allen and Alex Thompson, both esteemed journalists from Axios, will be the keynote speakers at this year’s highly anticipated advocacy event. Scheduled to take place from Wednesday, May 8 to Friday, May 10 at the Intercontinental—The Wharf in Washington, D.C., the event promises to be an insightful and influential gathering for stakeholders in the recreational boating industry. Mike Allen, co-founder and executive editor of Axios, has been a central figure in the media landscape, delivering groundbreaking news and insights across politics, business, media, and technology. Read More LEADING ECONOMIC AND POLICY NEWSFTC Votes To Ban Noncompete AgreementsThe AP reports the Federal Trade Commission voted 3-2 “to ban measures known as noncompete agreements, which bar workers from jumping to or starting competing companies for a prescribed period of time. According to the FTC, 30 million people – roughly one in five workers – are now subject to such restrictions.” The New York Times reports President Biden “celebrated the F.T.C.’s vote in a social media post. ‘Workers ought to have the right to choose who they want to work for,’ he wrote on X.” The Washington Post reports that the FTC “estimates that banning noncompete agreements could create jobs for 30 million Americans and raise wages by nearly $300 billion per year.” The Wall Street Journal reports the FTC’s “final rule becomes effective in four months.” The Hill reports Chamber of Commerce President and CEO Suzanne Clark “called the FTC vote to ban noncompetes ‘a blatant power grab that will undermine American businesses’ ability to remain competitive.’” Clark stated, “This decision sets a dangerous precedent for government micromanagement of business and can harm employers, workers, and our economy.” Clark added, “The Chamber will sue the FTC to block this unnecessary and unlawful rule and put other agencies on notice that such overreach will not go unchecked.” However, Bloomberg reports FTC Chair Lina Khan dispute the claim that her agency lacks authority to adopt the rule, saying arguments to the contrary ignore “the most straightforward reading” of the law. Khan added, “Robbing people of their economic liberty also robs them of all sorts of other freedoms.” DOL Releases Rule To Expand Eligibility For Overtime PayReuters reports the Labor Department on Tuesday “unveiled a rule extending mandatory overtime pay to an estimated 4 million salaried workers, going even further than an Obama-era rule that was struck down in court.” The regulation “will require employers to pay overtime premiums to workers who earn a salary of less than $1,128 per week, or about $58,600 per year, when they work more than 40 hours in a week.” Reuters points out that the “current salary threshold of about $35,500 per year was set by the Trump administration in a 2020 rule that worker advocates and many Democrats have said did not go far enough.” Acting Labor Secretary Julie Su said in a statement that the expanded rule “ensures that workers either earn more money or are paid the same to work fewer hours.” However, CNN says, “Business groups are expected to fight the effort, as they successfully did when the Obama administration attempted to significantly hike the threshold. Trade associations quickly pushed back on the latest proposed rule when it was released in August, saying it would raise their members’ costs and hurt their operations.” Oil Spikes In Wake Of Weak US Manufacturing DataCNBC reports that “U.S. crude oil moved nearly 2% higher Tuesday to top $83 a barrel on optimism that weak manufacturing data could accelerate interest rate cuts. ... West Texas Intermediate June contract: $83.36 a barrel, up $1.46, or 1.78%. Year to date, U.S. crude oil is up more than 16%. Brent June contract: $88.42 a barrel, up $1.42, or 1.63%. Year to date, the global benchmark is up nearly 15%.” CNBC notes that US manufacturing activity “hit a four month low of 49.9 in April, according to the S&P Global Flash U.S. Composite PMI.” Major Indices Post Substantial Gains For The Second Day In A RowCNBC reports that “stocks ripped higher for a second session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates. The Dow Jones Industrial Average climbed 263.71 points, or 0.69%, to close at 38,503.69. The S&P 500 gained 1.2% to finish the session at 5,070.55, while the Nasdaq Composite ticked up 1.59% to end at 15,696.64.” Previous Top Stories | |||||||||||
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If you are unable to see the message or images below, click here to view Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole March 25, 2024 FEATURED INDUSTRY NEWS Early Bird Registration For The American Boating Congress Closes April 1 Early bird registration for the American Boating Congress (ABC) closes on April 1, 2024. This is your final chance to take advantage of discounted rates and secure your spot at our industry’s premier advocacy event. Read More LEADING ECONOMIC AND POLICY NEWS Fed Signals Possibility Of Rate Cuts To Prevent Rising Unemployment Bloomberg reports the Federal Reserve “is signaling a willingness to cut rates to head off a job-cutting spiral – even if that means somewhat higher inflation for a while....
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