Nydia M. Velazquez: “I thank the gentleman for yielding. Mr. Speaker, I rise in opposition to this bill. With the minimum wage failing to…”

“I thank the gentleman for yielding. Mr. Speaker, I rise in opposition to this bill. With the minimum wage failing to provide a living wage, Americans are working more hours than ever. Full-time employees are working an average of 47 hours a week. Nearly 40 percent report logging 50 hours or more. Yet, only 7 percent of salaried workers qualified for overtime last year, down from 62 percent 40 years ago. Updating the rule to restore the purpose of the Fair Labor Standards Act was long overdue. In New York State, an additional 23 percent of the salaried workforce, nearly 1 million employees, will directly benefit from the new regulations. At a time when lower- and middle-income wages remain stagnant, these changes will be particularly helpful to American families. Our colleagues on the other side go on about the negative impact on small businesses. Yet, the data shows that this rule will increase payroll less than one-tenth of 1 percent. Furthermore, this money will go directly in the pockets of the middle and working class, who will spend it at their local small businesses. It is not going to diminish job creation in this country. It will increase employment opportunities in this country when those workers will go and spend their money in the local businesses. They are not going to go and get a loan to find--to buy another home. They will not buy a second home. They will spend it in the local economy.…”