Public Policy/Government

2017 Public-Policy Agenda

 

Anti-Money Laundering:  Since January 1, 2006, Section 352 of the USA PATRIOT Act has specifically targeted precious-metals dealers. PMANA wants to work with the U.S. Department of the Treasury to help it develop reasonable compliance regulations that will satisfy its anti-terrorism requirements without being overly burdensome for rare-coin and precious-metals dealers. This involves not only educating the Treasury on the particular needs of our industry, but developing excellent Treasury contacts to help clarify specific points of the PATRIOT Act and other aspects of the cash-reporting and AML laws that impact our industry.

 

Counterfeiting: PMANA is aggressively working with the U.S. House of Representatives and United States Senate on legislation and regulations to put a halt to the increase supply of high-grade counterfeit coins manufactured in China. This issues costs tax-payers, businesses, consumers, investors, and the Federal government over $250 billion in lost revenue and real jobs.

 

Capital Gains Tax for Rare Coins and Precious Metals: PMANA continues to push for federal legislation that would qualify gains from precious-metals investments for the lower capital gains tax rate. As Congress and the Trump Administration put their plans together for tax reform overhaul, PMANA continues its efforts to educate key Committee’s and Members on the importance of making this change. 

 

Restoring Rare Coins in IRAs: PMANA continues to support CERTS efforts to have rare coins restored as qualified investments in IRAs and similar self-directed retirement plans.

 

Financial Reform: PMANA is working with Congress and federal agencies on changes in delivery requirements for physical precious metals, and for any other CFTC provisions that might adversely affect rare-coin and precious-metals dealers. As part of the recent Dodd-Frank Financial Reform Act, PMANA supported efforts to stop the CFTC’s efforts to decrease the time-tested 28-day delivery window for physical precious metals to as little as two days—an impossible standard for our industry to meet.

 

Made In America: PMANA is working with Congress and the Administration on a request asking the FTC to reconsider this issue and take factors laid out in this paper into consideration.  We also urge Congress to pass legislation that clarifies that Made In the USA to include language that allows for metals recycled in the U.S. to be labeled as Made In the USA.

 

Healthcare: For over fifteen years, PMANA members have cited rising health insurance costs as one of their top issues impacting their businesses.  Rising healthcare costs explain why their employees’ wages have stagnated. PMANA has long advocated strongly for healthcare reform, but always insisted that meaningful reform would have to lead to lower costs. On this score, the Patient Protection & Affordable Care Act (PPACA) has fallen short, as evidenced by the rapid rise in premiums following the law’s enactment.

 

Wage & Hour: On Nov. 22, 2016 a federal judge in Texas issued a preliminary injunction blocking implementation of the Obama administration’s controversial overtime rules, which would have imposed a significant burden on commercial enterprise, particularly small businesses. The court determined the Department of Labor (DOL) exceeded its authority in the final regulation.  The onerous requirements were set to take effect on Dec. 1 and would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for overtime pay exemption.  Under existing regulations, employees earning an annual salary in excess of $23,660, and who perform qualified administrative, managerial or professional duties, are not entitled to overtime compensation. The new regulation would have required salaried workers earning less than $47,476 to receive additional pay if they work more than 40 hours in a week. In addition, the salary threshold would automatically update every three years to match the 40th percentile of full-time salaried employees in the lowest-wage census region in the U.S.  PMANA continues to oppose and work with a broad based coalition on fully repealing these regulations should the court lift the current injunction.