Scorching Heat Breaks Records, But 2024 Election Outcome May Hold Worker Protections Hostage - Invesco DB Agriculture Fund (ARCA:DBA), First Trust Alternative Absolute Return Strategy ETF (NASDAQ:FAAR

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Loading... Loading... As cities in the U.S. continue to break their historical heat records, workers, lawmakers and businesses across the country are launching a debate: should the state grant protections for workers in extreme heat conditions? Most of the country has been under heat alerts since rising temperatures began breaking comfortable levels in early July. On Tuesday, meteorologists began warning people living in Midwestern and East Coast states. An upcoming heat wave is expected to break records in many cities, putting 140 million Americans under heat alert. Earlier this month, at least 50 cities saw their historical heat records broken by a heat wave that affected most of the Southwest. Palm Springs, California and Las Vegas reached 124 and 120 degrees Fahrenheit, respectively, USA Today reported. Many cities and localities in the East Coast are expected to surpass their historical average highs on this week. The trend is global, with the last 13 months marking the highest temperatures on record for that month, according to official EU data from the Copernicus Programme. The upcoming heat wave in the U.S. is expected to be dangerously lethal. At least 28 people have died this summer due to extreme heat events, according to a report by the Washington Post. Should Workers Have Federal, State Protections For Heat Risk? Rising temperatures across the globe are forcing people to change their living habits, including how many hours of the day they can spend outside without air conditioning. This has serious consequences for work, especially in sectors that require workers to be exposed to high temperatures under the sun for an extended period of time. These encompass delivery and postal workers, the construction and agriculture sectors as well as those working in infrastructure repairs and gardening in urban environments, among others. Read Also: 5 Things You Might Not Know About J.D. Vance: ‘Hillbilly Elegy’ Author, Bitcoin Holder, First Millennial VP Pick And More Health risks for workers include "heat exhaustion and heat stroke, occupational injuries from high heat exposure such as burns or falls from dizziness, and exacerbation of preexisting conditions such as asthma, kidney disease, or heart disease," according to reports by the Center for Disease Control and the Occupational Safety and Health Administration (OSHA). Earlier this month, the Biden administration proposed a new rule that, for the first time, could introduce protections for workers exposed to health risks due to rising heat levels, whether outdoors or indoors. The proposal comes from OSHA, and outlines actions that employers should take to protect their employees from heat risks. If finalized, the rule could add protections for 35 million employees nationwide. "The purpose of this rule is simple. It is to significantly reduce the number of work-related deaths, injuries and illnesses suffered by workers who are exposed to excessive heat and exposed to these risks while simply doing their jobs," an administration official told reporters on a press call, according to the Post. The rule would introduce actions that employers must fulfill if the weather passes two specific temperature marks. Above 80 degrees Fahrenheit, employers must offer drinking water and break areas, as well as plan out the work schedule in an incremental rhythm for the bodies of workers to adapt to the heat. At 90 degrees, employees must be monitored for signs of heat illness and take mandatory 15-minute breaks every two hours. No federal heat protection law is in place, and only five states exercise worker safety precautions: California, Colorado, Minnesota, Oregon and Washington. The timeline for OSHA's proposal would make it final by 2026. Its rollout will largely depend on who wins the U.S. presidency in November. A victory for Donald Trump would likely threaten its existence. High-profile Republicans have voiced opposition to worker protections for heat risk. Republicans have traditionally stood against policies related to climate change that are liable to impact businesses or industries. In Florida, where some of the highest temperatures in the country have registered in recent years, Gov. Ron DeSantis, a Republican, recently signed a piece of legislation barring local governments from raising protections for workers exposed to heat. Texas had passed a similar bill the previous year, which was dubbed the "Death Star law." The bill was ruled unconstitutional by a judge, after Houston, El Paso and San Antonio presented lawsuits against it. Industry Impacts Progressive voices like the Center for American Progress have written that exposing workers to heat risk can have bad consequences for the economy, including "lost worker productivity, increased health care costs and worker compensation claims, and threats to workers' financial stability from missing work." For conservatives, adding protections for workers can reduce productivity for businesses and lead to a loss in competitiveness. Business groups lobbying against the OSHA rule argue that trigger temperatures proposed by the rule should not be set as a blanket policy nationwide, as workers from different parts of the country have different tolerance thresholds for heat. For workers in Florida, "an 80-degree threshold for them isn't going to be considered hot," said Prianka Sharma, vice president and counsel for regulatory affairs for The American Road & Transportation Builders Association. Multiple ETFs follow industries that can be affected by changes in policy around heat risk. iShares US Home Construction ETF ITB is the largest ETF by total assets following the construction industry. It's followed by SPDR S&P Homebuilders ETF XHB and the Invesco Building & Construction ETF PKB. Agriculture is another major sector that affected by the heat issue. The Invesco DB Agriculture Fund DBA leads the list by total assets, with Teucrium Wheat Fund WEAT and First Trust Alternative Absolute Return Strat ETF FAAR next. Now Read: Shutterstock image.