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Obama Pledges to Veto Bill Easing Regulatory Burdens on US Small Businesses

© REUTERS / Kevin LamarqueUS President Barack Obama addresses the United Nations General Assembly in New York September 20, 2016.
US President Barack Obama addresses the United Nations General Assembly in New York September 20, 2016. - Sputnik International
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President Barack Obama will veto a new bill to remove many regulations burdening small businesses and schools if Congress approves it, the White House said in a statement.

WASHINGTON (Sputnik) — The statement criticized the bill, known as the Regulatory Relief for Small Businesses, Schools and Nonprofits Act, claiming it would delay implementation of the Department of Labor's new overtime rule set to go into effect on December 1, 2016.

"If the President were presented with HR [House Resolution] 6094, he would veto the bill," the Office of Management and Budget (OMB) in the Executive Office of the President said in the statement issued on Tuesday night.

The new rule would extend overtime protections to 4.2 million additional Americans who are not currently eligible for overtime under US federal law, boosting workers' wages by $12 billion over the next decade.

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