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Odessa American in Odessa, Texas

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Newspaper

Odessa American

Location

Odessa, Texas, United States of America

Date

Aug 04, 1982

Page

5

Labor Dept Delays Youth Employment Standards Regulations

The Labor Department will delay new rules for 14 and 15 year olds amid congressional pressure. Deputy Under Secretary Robert B. Collyer told a House subcommittee the comment period grows from 30 to 180 days, with broad public input and discussions with business groups, labor, educators, and officials before proposing superseding rules. The Reagan plan would raise daily and weekly hours and extend teen night hours. witnesses warned of potential downsides.

Washington Labor Department Congress Robert B. Collyer Labor House Labor Standards Subcommittee Collyer

Withholding plan faces critical opposition from industry leaders

National Association of Federal Credit Unions executive vice president Mal Nestlerode says savers will lose money under the 10 percent withholding plan for interest and dividends, while administration officials defend the tax package as increasing revenue without raising taxes. Citibank analysis cites $1.5 to $2 billion loss to savers and up to $1 billion in lost taxes from untaxed earnings. Opponents warn higher compliance costs will be passed to consumers through lower interest and fees.

Sally Jacobsen Associated Press Mal Nestlerode National Association of Federal Credit Unions Nestlerode Senate House Robert McCormick Independent Bankers Association of America New York Citibank American Bankers Association McCormick

Also Mentioned on This Page

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