NAEDA Newsletter
Wednesday, July 01, 2015 Helping Dealers Succeed!
NAEDA Thanks Congress For Passage Of Trade Promotion Authority

Many thanks to members of Congress who supported the passage and signing into law the TPA legislation. Dealers if you have not done so, please take time to reach out and thank members of Congress who voted for the TPA bill. It is especially important that these members hear directly from their constituents in their states. Click here for every member of Congress who voted yes on TPA and the contact information for their relevant staff. Please be sure to send your thank yous to these groups. NAEDA, plans also to stay engaged over the weeks and months ahead as the TPP and other U.S. trade negotiations move forward.  

Obama Proposes Major Overtime Pay Expansion, Amid GOP Resistance

Fox News reports, “President Obama unveiled a long-awaited plan to drastically expand the number of people eligible for overtime pay, in a move that he said would ensure ‘"hard work is rewarded"’ -- but that critics warn could hurt job growth at a fragile time. Under the proposal unveiled late Monday, salaried workers who earn nearly $1,000 per week would become eligible for overtime pay. The rule from the Labor Department would more than double the threshold at which employers can avoid paying overtime, from the current $455 a week to $970 a week by next year. That would mean salaried employees earning less than $50,440 a year would be assured overtime if they work more than 40 hours per week, up from the current $23,660 a year."  Fox News  

NAEDA Stock Report
First Quarter Contraction, Interest Rate Worries and Greek Debt Hamper Markets

Wall Street was beset from many directions and, despite the S&P 500 Index reaching a few new highs, markets ended in negative terrain as our trading session ended June 15, 2015. The Commerce Department said that the contraction of the U.S. economy in the first three months of the year was brought on by bad winter weather and a larger trade deficit. As June began, a stronger jobs report renewed interest rate hike fears. Homebuilders’ confidence shot up to 59 in June, from 54 in May. The National Association of Home Builders/ Wells Fargo builder sentiment index said that builders show more confidence in their sales outlook than they have since fall. However, the failure of negotiators to ink a deal to resolve Greece’s debt crisis weighed most heavily on markets. “All eyes, including our own, are on Greece,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “This is a grand experiment and if it were to go awry, it would certainly have implications.”  Read More...

Supreme Court Upholds ObamaCare Subsidies

Second Obamacare challenge dies at the bench in 6-3 decision. The Hill  

“Opt Out” Legislation To Avoid Certain EPA Regulations

“Opt Out” Legislation provides States with the Power to Avoid Certain EPA Regulations implemented for the purpose of halting Climate Change. The House voted Wednesday to delay the EPA's controversial climate rule for power plants and allow states to opt out of complying under certain conditions. The bill was passed in a 247-180 vote, weakening President Obama's efforts to combat climate change. The Ratepayer Protection Act introduced by Rep. Ed Whitfield (R-Ky.) would allow states to opt out of the rule if they determine it would raise electricity prices or interfere with power reliability.  Read More...

Looming Highway Debate Stirs Tax Fight

A fight over raising taxes has bloomed as the chief obstacle to passing a desperately needed multi-year transportation bill by the end of next month, raising the specter of a possible shutdown of highway programs. Senate Finance Committee Orrin Hatch (R-Utah), who is tasked with finding a way to pay for a multi-year deal, has ruled out the prospect of raising taxes, putting him on a collision course with Democrats.  The Hill  

STIHL Inc. President Fred Whyte To Retire

STIHL Inc. announced June 29 that president Fred Whyte will retire at the end of this year.  Whyte has been part of the STIHL group for 44 years, and president of STIHL Inc. for 23 years.  Under Whyte’s presidential tenure, the company experienced record growth and achieved the status as the number one selling brand of gasoline-powered handheld outdoor power equipment in America. Bjoern Fischer, presently STIHL Inc. vice president of finance, will assume the duties of president January 1, 2016.  Fischer has been with the company since 2012, and currently oversees the financial operations of the company as well as the human resources and information services departments.  Stihl  

Supreme Court Overturns EPA’s Air Quality Rule

The Supreme Court dealt a blow to the Obama administration’s landmark air quality rule on Monday, ruling the Environmental Protection Agency did not properly consider the costs of the regulation. In a 5-4 ruling, the justices ruled that the EPA should have taken into account the costs to utilities and others in the power sector before even deciding whether to set limits for the toxic air pollutants it regulated in 2011.  The Hill  

GOP Lawmakers Take Aim At NLRB Rulings Through Monetary Restraints

Congressional Republicans are using the power of the purse to do battle against a series of controversial labor regulations from the Obama administration. They say the National Labor Relations Board (NRLB) gave a gift to labor unions by issuing what they call an “ambush election” rule that speeds up the process for organizing in the workplace. The Hill   

© 2015 The North American Equipment Dealers Association. NAEDA Update is provided as a service to members of the North American Equipment Dealers Association which provides educational, legal, legislative, and financial services to approximately 5,000 retail agricultural, construction, large property/rural lifestyle, and outdoor power equipment dealers in the United States and Canada. This information may not be reprinted without permission from NAEDA.

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