 | EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503
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STATEMENT OF ADMINISTRATION POLICY
(THIS STATEMENT HAS BEEN COORDINATED BY OMB
WITH THE CONCERNED AGENCIES.)
April 12, 2000
(Senate)
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S. 2323 - Worker Economic Opportunity Act
(Senator McConnell (R) KY and 25 cosponsors)
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The Administration strongly supports prompt passage of S. 2323, which would
amend the Fair Labor Standards Act (FLSA) to exclude certain employer
provided stock options, stock appreciation rights, and bonafide stock
purchases from the calculation of covered employees' overtime pay. In
today's tight labor market, many employers use stock option programs as an
important tool to attract and retain good workers. The Administration
supports such innovative efforts to reward workers. S. 2323 would provide
employers with needed flexibility to reward their workers in a global
economy without weakening the vital protections provided by the FLSA for
American workers.
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