The post on Fair Labour Standards Act (FLSA) fails to mention the specific rates on overtime. The law defined overtime as work done beyond the 40 hours weekly limit. Payments would be calculated at a rate of 1.5 of the normal pay accorded to individual employees. The law allowed for employees to agree to work on holidays and weekends for extra pay (Hamilton 1 para 3-5). Employees whose annual salaries exceeded $23,600 were not liable for overtime payment.
The post on the Glass Steagall 1933 Act does not mention the law that required formation of the Federal Deposit Insurance Corporation (FDIC). The FDIC was meant to protect the deposits of bankers (CFI 4). Banks invested the client’s funds which resulted in losses during the economic depression era.
The 1935 Social Security Act mandated the states to form a common commission that would be responsible for financing of retirement benefits and health insurance. The commission would also send money to the beneficiaries (74th Congress 1). The money would be disbursed by the Treasury to all states four times in every year.
To concur with the post, the government was right in ensuring payment of overtime to employees and setting standards. Equally, the requirement that employers meet the minimum wage for employees who depended on commissions and tips helped the Americans (Hamilton 4). This ensured that all employees attained the minimum wage.
Yes, the act was helpful to the Americans by ensuring division between commercial and investment banks. Also, the introduction of the insurance for deposits in banks’ branches improved the trust in banks for the banking institutions (CFI 1 para 4). To the Americans, it ensured safety of their deposits.
In agreement with the post, financing of the sick, poor and old was enabled by the 1935 Social Security Act. Additionally, it extended to the formation an agency responsible for the management of the retirement and health care financing. The Act allowed for all old employees be paid retirement benefits (74th Congress 1). The commission would further be managed independently by states to allow for personalized service.
Additionally, the FLS Act pointed out the age limits for children under the age of 18 years. Only children between 14-18 years would be employed. However, they were not allowed to work during school hours. They were not allowed to work in unhealthy environments such as; “mining, excavating or manufacturing explosives,” (Hamilton 1 para 8). Also, for safety reasons, the minors were barred from operating power-driven machines. This Act was, however, limited to private sector employees because they were not covered by another labor law.
FDIC was further allowed the right to regulate banks under the Federal Reserve System. Also, as the insurer, the corporation was responsible for “protecting depositor funds and recovering debts owed to the creditors,” (CFI 1 para 5). Because the insurer had knowledge on the money collected from the banks, it would set maximum insured amounts. However, the growth in deposit banking as a result of the insurance resulted in increase of the maximum insured amount.
74th Congress. Social Security Act of 1935. Act. Washington: The White House, 1935. Print. <https://www.ourdocuments.gov/document_data/pdf/doc_068.pdf>.
CFI. “What is the Glass-Steagall Act?” Corporate Finance Institute 1.1 (1933): 1. Print. <https://corporatefinanceinstitute.com/resources/knowledge/finance/glass-steagall-act/>.
Hamilton, Marci A. “Fair Labor Standards Act.” Justia 1.1 (2014): 1. Print. <https://www.justia.com/employment/flsa/>.