The Committee on Small Business Announces the following events this week: 

Full Committee
Chairman Steve Chabot (R-OH)
Wednesday, October 7, 2015 at 11:00 A.M.
2360 Rayburn House Office Building

The EMV Deadline and What it Means for Small Businesses

The Committee on Small Business will meet for a hearing titled, The EMV Deadline and What it Means for Small Businesses. The hearing is scheduled to begin at 11:00 A.M. on October 7, 2015 in Room 2360 of the Rayburn House Office Building. 

The Europay, Mastercard, Visa (EMV) chip payment system will be implemented nationwide this October. The upgraded technology is designed to protect against cybercrime and fraud. However, many small businesses are unprepared for the new payment structure. These businesses will not only be more vulnerable to cyber threats, but they will also be held liable for certain incidents of fraud. According to a recent study, less than forty-nine percent of small businesses are aware of the looming deadline and liability shift. This hearing will examine the implications of the EMV chip deadline for small businesses and the efforts that are being made to ensure America’s small businesses are in compliance with their financial service providers. 

Witness list: 

Ms. Stephanie Ericksen
Vice President, Risk Products
Visa Inc.
Foster City, CA

Mr. Scott Everett Talbott 
Senior Vice President, Government Affairs 
ETA | Electronic Transactions Association 
Washington, DC 

Mr. Paul Weston
President & CEO 
TCM Bank, N.A.
Tampa, FL

Ms. Jan N. Roche
President/CEO
State Department Federal Credit Union
Alexandria, VA
*Testifying on behalf of the National Association of Federal Credit Unions

Subcommittee on Investigations, Oversight and Regulations
Chairman Cresent Hardy (R-NV)
Thursday, October 8, 2015 at 10:00 A.M.
2360 Rayburn House Office Building

The Consequences of DOL’s One-Size-Fits-All Overtime Rule for Small Businesses and their Employees

The Subcommittee on Investigations, Oversight and Regulations will meet for a hearing titled, “The Consequences of DOL’s One-Size-Fits-All Overtime Rule for Small Businesses and their Employees.”  The hearing is scheduled to begin at 10:00 A.M. on Thursday, October 8, 2015 in Room 2360 of the Rayburn House Office Building. 

On July 6, 2015, the Department of Labor issued a proposed rule to revise and update the existing Fair Labor Standards Act regulations that implement the exemption from overtime pay for executive, administrative, professional, outside sales or computer employees.  The Regulatory Flexibility Act requires agencies to conduct outreach to and examine the economic impacts of proposed rules on small businesses.  This hearing will examine the Department of Labor’s assessment of the impacts and the potential effects of this proposed rule on small firms and their employees.     

Witnesses:

Mr. Kevin Settles
President and CEO
Bardenay Restaurants & Distilleries
Boise, ID 
*Testifying on behalf of the National Restaurant Association

Mr. Ed Brady
President
Brady Homes Illinois
Bloomington, IL
*Testifying on behalf of the National Association of Home Builders

Ms. Terry Shea
Co-Owner 
Wrapsody, Inc. 
Bessemer, AL
*Testifying on behalf of the National Retail Federation

Mr. Ross Eisenbrey
Vice President
Economic Policy Institute
Washington, DC 20005


*Media interested in covering either of these events should reply to this e-mail.