Washington, D.C. - Speaker Nancy Pelosi released the following statement today on H.R. 2, the Fair Minimum Wage Act of 2007, which passed on the floor with bipartisan support:
'After nearly a decade, 15 million hard-working families will finally receive the pay raise they have deserved for so long. The Fair Minimum Wage Act of 2007 will increase the federal minimum wage from $5.15 to $7.25 an hour over the next two years, providing families with additional funds to cover the increasing costs of health insurance, gasoline and home heating, and attending college. With the passage of this crucial legislation, we will reward work, paying America's workers a decent wage so they may join in our nation's prosperity.
'Today's legislation is a big economic boost for the 2.3 million of hardworking Hispanic Americans who are working full time jobs, but barely making ends meet. Over the last five years, the number of Hispanic Americans living in poverty has grown by more than 1.6 million and the real median household income of Hispanic American families is down $1,631.
'From economic security to national security, the American people have resoundingly called for a New Direction. In the first 100 legislative hours of this Congress, House Democrats will continue to work to increase prosperity, opportunity, and security for all Americans, not just the privileged few.'