Biden's Overtime Pay Plan, Federal Reserve's Strategy, and Trump's Legal Challenges | Weekly Business Briefs w/ Martin Perdomo

Tired of being the last to know about the latest business headlines? This week's episode is here to give you the inside scoop! We plunge headfirst into understanding the Biden administration's plan to extend overtime pay to millions of salaried workers - a move likely to cause a significant shift of $1.2 billion in wages from employers to employees. Don't be left in the dust as we delve into how this development could impact the job market. 

Don't take a breather just yet; we're only getting started. We're also peeling back the layers on the Federal Reserve's strategy, with insights into why another interest-rate hike could be on the horizon, and what this means for small businesses and investors. The plot thickens as we bring to light former president Donald Trump's legal woes and the charges of racketeering that could influence future political dynamics. This episode is a must-listen for anyone seeking an engaging exploration of current events and their potential impact on the business landscape. So, strap in and get ready for a thrilling ride through the week's most pivotal headlines!

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Transcript

Speaker 0: 0:28

Biden administration promises overtime pay for salaried workers, the feds say they won't increase rates this month and Trump pleads not guilty in Georgia election fraud case. These are the top three headlines in this week's weekly business brief. First up millions of salaried workers would get overtime pay under Biden administration's proposal. According to CNN, some 3.6 million salaried workers would newly qualified overtime pay under a proposed rule unveiled by the US Department of Labor on Wednesday. It would guarantee overtime pay for at least a half for most salaried workers earning less than $1,059 a week, or about $55,000 a year. The current threshold is $684 per week, an equivalent of roughly $35,600 a year, which was put in place by the Trump administration in 2019. The proposed rule would transfer $1.2 billion in wages from employers to employees, mainly from new overtime premiums or pay raises to maintain the exempt status of certain affected employees, the agency said Also, the proposal would automatically update the salary threshold every three years so it keeps pace with earnings changes. The effort would help ensure that more lower paid salary employees who work more than 40 hours a week receive the overtime protections given to hourly workers. The Labor Department said Interesting, this is going to sort of guarantee overtime pay for laborers. We'll see what happens here Next up.

Speaker 0: 2:05

The Fed likely won't raise interest rate this month, but November is another matter. Hallelujah, slow down, feds. You're killing me, smalls. You're just killing me here, man Trying to refy some deals, and you're killing cash flow right now, which is exactly what they wanted to do. Anyways, last week, economic data increasingly gave investors hope that the Federal Reserve could hold interest rates steady this month, following a hike in July that bought rates to their highest level in 22 years. Shhh, you ain't kidding. But the Fed hasn't ruled out additional rate increases, and that could still happen unless inflation slows further. Financial markets see more than 90% chance that the Fed officials will vote for a pause at their policy meeting on September 19th through 20th, according to CME Fed Watch Tool, but investors bet of another pause in November or lower at around 60%. So we'll have to see.

Speaker 0: 3:01

Man, I really hope they don't increase the rates, because it's really hard. This article continues to go on and say it's hard to say definitively if or when the central bank will hike interest rates again this year, but the two most plausible scenarios could be that the November meeting brings the end of rate hikes or one more increase. I hope zero increases. Jérôme Pow. Bro, chill, chill out, man, to stop raising the rate. You're killing us here, man.

Speaker 0: 3:31

The feds could hold rates steady for the rest of the year if both the job market and the broader economy continue to slow, helping bring down inflation. There are plenty of factors that could help that along, such as American spending less Because of their re resumptions of student loan payments next month, the banks continuing to toughen lending standards yeah, we're seeing that bit, that one right there. Fed chair Jerome Powell made it clear in his keynote speech in Kansas City Last month, in Jackson Hole, wyoming, that additional hikes remain on the table in case inflation Proves to be more resilient than expected. All right, all right, all right, all right. Let's just get to this here. Man, Jerome Powell and his crew are just going at it and they're really hurting the economy, especially the financial markets. They're really hurting investors that depend on debt, right, small businesses that they use debt to leverage their assets and to leverage their businesses and to grow and expand their businesses. Really hurting us here, dude. Slow down, man, really slow down.

Speaker 0: 4:34

Lastly, trump enters not guilty plea in Fulton County. Won't appear for arraignment. Former president Donald Trump has entered a not guilty plea in 13 Georgia fella knee counts related to alleged scheme of to overturn the state 2020 presidential election results. An Attorney for Trump filed a waiver of arraignment in a Fulton County Court Thursday. Several others amongst Trump's 18 co-defendants in the case have also filed similar waivers and entered not guilty. Please, as evidence by my signature below, I do here, by a way, formal arraignment and enter my plea of not guilty to the indictment in this case reads the filing signed by Mr Donald Trump. Most defendants given the option to waive arraignment do so. According to Brian Tevis, an Atlanta attorney who represents Trump's former lawyer, rudy Giuliani, 99% of the time, defendants choose to waive formal arraignment and do not have to appear in front of the judge, if the judge allows it, said Tevis, who indicated Giuliani may also waive his arraignment.

Speaker 0: 5:43

Trump, giuliani and their co-defendants are charged with racketeering. Wow, that's some heavy, heavy. That's mob freaking allegations and accusations racketeering, accused of running a criminal enterprise via a series of alleged schemes designed to Thought proper certification of Georgia's 2020 election with president Joe Biden won. You got to love the way that the media and this is obvious. What's, in my opinion, this is obvious that this is a coup, an attempt from the current administration to go after this. This is not the way America is supposed to be. This is a free country and wherever I thought I'll you stand, it doesn't matter. Fair is fair, dude, and this is just. This is not. This is not playing nice. Trump surrendered to officials at a local jail on august 24th For submitting to a booking photo and fingerprinting. He was released on a 200,000 dollar bond. And this has been your weekly business brief. I'll see you guys next week, peace.