The New York Times reports that President Obama supports the increase in federal minimum wage to $10.10 an hour from the current $7.25 an hour. The 2013 Fair Minimum Wage Act supports raising the wage to “at least” $10.10.

Senator Charles Schumer advocates, “the combination of an increase to $10.10 and some breaks for small business on expensing unite virtually the whole Democratic caucus, and we are prepared to move forward shortly.”

President Obama also supports increasing the tipped minimum wage from $2.13 to seventy-percent of the regular minimum wage.

If the Act takes effect, millions of employees will benefit from increased economic security, and the poverty rate will decrease dramatically.