Fair Wage, Competition, and Investment Act of 20005

Bill: 109-s-14
Sponsor: Sen. Stabenow, Debbie [D-MI]
Introduced: 2005-01-24 in the Senate
Policy area: Economics and Public Finance
Subjects: Administrative procedure
Advice and consent of the Senate
Agriculture and Food
Agriculture in foreign trade
Air pollution control
Airports
Antennas
Authorization
Aviation safety
Balance of payments
Broadband
Business cycles
Cable television
Capital investments
China
Collective bargaining
Commerce
Communication satellites
Community development
Compensation (Law)
Congress
Congress and foreign policy
Congressional oversight
Congressional reporting requirements
Congressional-executive relations
Cooperative societies
Corporation taxes
Defined benefit pension plans
Department of Commerce
Department of Labor
Department of the Treasury
Depreciation and amortization
Depressed areas
Diplomats
Dislocated workers
Dispute settlement
District of Columbia
Diversification in industry
East Asia
Economic development
Economic statistics
Education
Elementary and secondary education
Employee rights
Enterprise zones
Environmental Protection
Executive reorganization
Exports
Families
Federal aid to education
Federal aid to research
Federal aid to transportation
Federal aid to water pollution control
Federal aid to water resources development
Federal employees
Finance and Financial Sector
Fisheries
Fishing boats
Foreign Trade and International Finance
Foreign corporations
Foreign exchange
Foreign investments
Foreign loans
Foreign tax credit
Foreign trade promotion
Free trade
Government Operations and Politics
Government and business
Government employees' health insurance
Government paperwork
Government procurement
Governmental investigations
Grants-in-aid
Health
Health insurance
High technology
Higher education
Highway finance
Hours of labor
Housing and Community Development
Imports
Income tax
Infrastructure
Insurance premiums
Intellectual property
Intermodal transportation
International Affairs
International competitiveness
Internet
Job creation
Labor and Employment
Labor statistics
Laboratories
Law
Lease and rental services
Local employees
Location of industries
Manufacturing industries
Marine and coastal resources, fisheries
Married people
Mass rapid transit
Mathematics
Medicare
Minimum wages
Nontariff trade barriers
Occupational retraining
Office of the U.S. Trade Representative
Offshore manufacturing
Potable water
President and foreign policy
Presidential appointments
Railroad employees
Railroad engineering
Railroad equipment
Railroad finance
Railroad freight operations
Railroad passenger traffic
Railroad safety
Reciprocity
Recruiting of employees
Research and development facilities
Research and development tax credit
Research centers
Research grants
Right-of-way
Road construction
Rural economic development
Science, Technology, Communications
Scientific education
Security measures
Service industries
Signs and signboards
Small business
Social Welfare
Standard of living
State employees
Strategic planning
Surveys
Tariff
Tax credits
Tax deductions
Tax returns
Tax-exempt organizations
Taxation
Taxation of foreign income
Telecommunication industry
Telecommunication systems
Telephone
Television relay systems
Trade adjustment assistance
Trade agreements
Trade negotiations
Transportation and Public Works
Unemployment
Urban affairs
Water Resources Development
Wireless communication

Summary:
action_date: 2005-01-24
text: 
Fair Wage, Competition and Investment Act of 2005 - Overtime Rights Protection Act of 2005 - Amends the Fair Labor Standards Act of 1938 (FLSA) to deny any force or effect to any portion of a rule promulgated on April 23, 2004, that has the effect of exempting from FLSA overtime compensation requirements (which limit maximum hours at regular compensation) any employee who would not otherwise be exempted if regulations in effect on March 31, 2003, remained in effect. Reinstates that portion of such regulations that would prevent such an employee from being exempt. Directs the Secretary of Labor to increase, in a specified manner, the minimum salary level for the exemption for executive, administrative, and managerial occupations from FLSA overtime compensation requirements.
 
Fair Minimum Wage Act of 2005 - Amends the FLSA to increase the Federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day. 
 
Amends the Worker Adjustment and Retraining Notification Act to include offshoring of jobs among the circumstances for which employers are required to post notices of employee rights.
 
Authorizes appropriations for: (1) investment in infrastructure in the areas of transportation, water, rail, transit, and aviation; and (2) advanced technology and manufacturing extension partnership programs.
 
Amends the Trade Act of 1974 (TA) to: (1) revise and extend the requirement that the U.S. Trade Representative (USTR) identify and report on trade expansion priorities; and (2) establish the position of Chief Enforcement Negotiator.
 
Foreign Debt Ceiling Act of 2005 - Directs the USTR, when a certain level of net U.S. foreign debt or of U.S. trade deficit is reached, to convene an emergency meeting of the Trade Policy Review Group to develop a plan of action to reduce the U.S. trade deficit.
 
Requires specified negotiations and certification regarding the currency valuation policy of the People's Republic of China.
 
Trade Adjustment Assistance Equity for Service Workers Act of 2005 - Amends TA to extend trade adjustment assistance (TAA) to workers in a service sector firm or its subdivision or public agency.
 
Trade Adjustment Assistance for Communities Act of 2005 - Amends TA to revise the TAA program for communities negatively impacted by trade, and to establish a TAA for Communities Program at the Department of Commerce to coordinate the Federal response.
 
Trade Adjustment Assistance for Firms Reorganization Act - Amends TA to establish in the International Trade Administration of the Department of Commerce an Office of TAA for TAA to firms that have been adversely affected by import competition.
 
Requires the Director of the Office of Personnel Management and the Secretary of the Treasury to establish a program to offer TAA workers enrollment in the Federal Employees Health Benefit program (FEHBP).
 
Amends the Internal Revenue Code to provide for: (1) taxing income of controlled foreign corporations attributable to imported property; (2) a broadband access credit; (3) permanent extension and expansion of a research and development credit, and revision of alternative incremental credits; (4) repeal of a limit on contract research expenses paid to small businesses, universities, and Federal laboratories; (5) increased credit for health insurance costs; and (6) revised covered month eligibility for spouses of individuals entitled to Medicare, under a health care credit related to TAA.
 
Expresses the sense of the Senate regarding: (1) multiemployer pension plans; (2) promotion of science and technology funding; and (3) free trade agreements.


Legislative actions:
action_date: 2005-01-24
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR 1/25/2005 S437-450)
action_date: 2005-01-24
text: Introduced in Senate