Congressional Budget Office Analysis
Cost Estimates for H.R. 2, the Fair Minimum Wage Act
The Fair Minimum Wage Act (H.R. 2) would amend the Fair Labor Standards Act (FLSA) to increase the Federal minimum wage in three steps from $5.15 per hour to $7.25 per hour. The Congressional Budget Office (CBO) estimates that enacting H.R. 2 would have no significant effect on the direct spending and revenues of the Federal Government. The act would impose mandates, as defined by the Unfunded Mandates Reform Act (UMRA), on some State and local governments, Indian tribes, and private-sector employers because it would require them to pay higher wages than they are required to pay under current law….
