ERMUSR MISC. ISSUES 01-13-2004 - Laserfiche WebLink

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spections of company books. And it won't be just the Legislation being sought by Bush to curb power Fortune 500 firms that get a going-over. Mutual funds plant emissions of nitrogen oxides and sulfur dioxide and financial advisers will also be watched in 2004 will go nowhere in Congress in 2004 because of and more brokers are likely to face penalties. Also, the strong opposition from opponents who say the plan is SEC is going to implement new operating rules, pro- too weak. Industries that would be affected by the posed by the major U.S. stock exchanges, requiring plan are also split over details in the proposal. listed companies to have more independent directors Dubbed"Clear Skies," the Bush plan would let on their boards of directors, firms that exceeded pollution- tougher auditing procedures and a Unsolicited e-mail reduction goals sell their ex- more active role for stockholders. cess reduction to companies FASB is planning to flex its is going to be slammed that did not meet their own regulatory muscles in 2004 by ap- targets. EPA will seek a similar proving rules requiring public by Congress, which pollution credit scheme to re- companies to take fuller account duce mercury emissions from of employee stock options as an will prohibit deceptive fossil fuel power plants. expense. Firms will have some lee- way in placing a value on options, practices by e-mailers. DRINKING WATER regulations but they won't be able to bury po- from the EPA will include tentially costly option obligations as a footnote in an- tighter rules on disinfectants and for water treatment nual reports to stockholders. plants that use groundwater. Also likely from FASB next year: new rules on cal- culating the liabilities of cash-balance retirement TRUCKING companies will have to let drivers have at plans. The changes are going to increase the cost of least 10 hours of rest per day starting in 2004, up such plans by 20% or more. from eight hours. And the number of hours a driver can be kept on duty will drop to 14 from 15 for any ERGONOMICS rules proposed by President Clinton are 24-hour period. The new rules, which are designed to being scrapped by President Bush and replaced by reduce truck accidents, are expected to add$1.3 bil- voluntary guidelines from the Department of Labor. lion to the nation's shipping costs each year. POLLUTION regulations are under review at various BABY BELLS will get relief from discounts they are re- agencies and are likely to see some streamlining to quired to give new competitors that use their net- speed airport and highway construction and shorten works. The Federal Communications Commission is the time it takes to make decisions on the use of fed- going to phase out the discounts as markets become eral lands for grazing livestock and other purposes. more competitive. A recent easing of EPA rules makes it possible for the operators of power plants, refineries and factories OVERTIME PAY rules will be revised in 2004. The De- to repair and overhaul equipment without being sub- partment of Labor will make managers earning$425 ject to the same clean air reviews required for new a week or less eligible for overtime. That's up from a plant construction. That saves them from having to cutoff of$155 a week. But some workers making spend millions of dollars on new pollution control more than $65,000 a year or with only occasional su- equipment for the parts of their facilities that are not pervisory duties will lose overtime eligibility. being renovated. But states face a 2010 deadline set by federal reg- UNSOLICITED E-MAIL is set to be slammed by Congress, ulations to reduce smog and soot in the air. State and which will prohibit deceptive practices by e-mailers. local governments are having to implement tougher, But don't look for a national"do not spam"list. Regu- more-costly cleanup rules. lators say that such a list would be impractical. Diesel fuel will have to contain less sulfur, and nonroad engines will be subject to phased-in pollu- FOOD SAFETY regulations will establish a livestock- tion rules aimed at cutting emissions. The regulations tracking system to quickly stop the spread of disease affect tractors, generators, pumps and the like. from contaminated meat. WHAT'S AHEAD FOR 2004 I 11