On March 13, 2014, President Obama issued a memorandum directing the Secretary of Labor to propose revisions to the Department of Labor’s existing overtime regulations under the Fair Labor Standards Act (“FLSA”).  The memorandum stated the President’s view that the regulations regarding the FLSA’s overtime exemptions for executive, administrative, and professional employees (also known as the “white collar” employee exemptions) are “outdated” and “have not kept up with our modern economy.”  Commentators expect that the Secretary of Labor will propose to increase the minimum salary requirement for employees covered by the “white collar” exemptions.  The minimum salary, currently $455 per week, was last increased in 2004.