Immigration policy and how 1993 ant fac- 1997 compensation 2000 tor in labor supply. Economists estimate that immigration depresses wages for low-skill workers by approximately 5 percent, with previous immigrants being hit the hardest To see how regulations reflect a society, Exhibit 17.1 shows how the issues have changed over time. An early emphasis was basic protection: Child labor was Prevailing-wage laws (Davis-Bacon and Walsh-Healey) specified government's obliga- prohibited and overtime wage provisions were specified in the Fair Labor Standards Act. tions as an employer. The minimum wage has been periodically increased ever since its initial passage, and additional prevailing wage legislation continues to be passed. How- ever, the main thrust of legislation shifted in the 1960s to emphasize civil rights. Since 2002 then we have continued to increase the scope of that legislation. 2004 200 EXHIBIT 17.1 U.S. Federal Pay Regulations Davis-Bacon Act Requires that mechanics and laborers on public construction projects be paid the "prevailing wage" in an area. 1931 20 Created the Securities and Exchange Commission (SEC). Securities Exchange Act 1934 than $10 million in assets and whose securities are publicly 20 1936 Walsh-Healey Public Contracts Act Fair Labor Standards Act 1938 1963 Equal Pay Act 1964 Title VII of Civil Rights Act of 1964 Executive Order 11246 Currently, the SEC requires companies that have more traded and held by more than 500 owners to periodically report information, which is available to the public. This includes disclosure of compensation received by the CEO, CFO, and three other highest paid executives. Extends prevailing-wage concept to manufacturers or suppliers of goods for government contracts. Sets minimum wage, hours of work, overtime premiums; prohibits child labor. Equal pay required for men and women doing "substantially similar" work in terms of skill, effort, responsibility, and working conditions. Prohibits discrimination in all employment practices on basis of race, sex, color, religion, or national origin. Prohibits discrimination by federal contractors and subcontractors in all employment practices on basis of race, sex, color, religion, or national origin. Protects employees age 40 and over against age discrimination Pregnancy must be covered to same extent that other medical conditions are covered. Requires that "essential elements" of a job be called out. If a person with a disability can perform these essential elements, reasonable accommodation must be provided. Increases border of proof on employers to rebut some discrimination claims. Stronger remedies available in cases of international discrimination 1965 1967 1978 Age Discrimination in Employment Act (ADEA) Pregnancy Discrimination Act Americans with Disabilities Act 1990 1991 Civil Rights Act of 1991
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