ARLINGTON, Va.--(BUSINESS WIRE)--The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA)TM, regarding the release of the Department of Labor’s (DOL) revised overtime rule:
"Our economy works best when barriers to entry are low and our nation’s entrepreneurs have the flexibility to innovate. Unfortunately, the Labor Department’s revised overtime rule will compromise the potential of our best and brightest innovators, crippling the very startups that are central to America's job growth and global competitiveness.
“DOL announced an unprecedented change, nearly doubling the minimum salary to qualify as an exempt employee. Forcing entrepreneurs to pay either $47,476 minimum salaries or pay overtime will raise the financial barriers to create a startup and dramatically slow the speed to get a product or service to market.
“Say goodbye to teams of young minds pulling all nighters to create something new. This attack on American entpreneurship – drafted by Washington bureaucrats who have never worked at a startup - discourages startups and innovation. We urge the Administration – or the next one – to reconsider this damaging decision.”
About Consumer Technology Association:
Consumer Technology Association (CTA)TM is the trade association representing the $287 billion U.S. consumer technology industry. More than 2,200 companies – 80 percent are small businesses and startups; others are among the world’s best known brands – enjoy the benefits of CTA membership including policy advocacy, market research, technical education, industry promotion, standards development and the fostering of business and strategic relationships. CTA also owns and produces CES® – the world’s gathering place for all who thrive on the business of consumer technologies. Profits from CES are reinvested into CTA’s industry services.
June 21-24, Tel Aviv, Israel
September 20-22, San Jose, CA
CES Unveiled Prague
October 20, Prague, Czech Republic
CES Unveiled Paris
October 25, Paris, France
CT Hall of Fame Dinner
November 9, New York, NY
CES Unveiled New York
November 10, New York, NY
CES Unveiled Las Vegas
January 3, Las Vegas, NV
January 5-8, Las Vegas, NV