The President has issued a memorandum directing the Secretary of Labor to review and update the white-collar overtime exemptions available under the Fair Labor Standards Act.  The exemptions provide that employees working as bona fide executive, administrative, professional and outside sales employees are exempt from overtime compensation provided that they are paid at least $455 per week on a salary basis and that their job duties meet specific regulatory requirements.   President Obama directed the DOL to modernize and streamline overtime regulations by considering the intent of the FLSA and the changing nature of the workplace.  Issues that are likely to be addressed include the salary threshold of $455 per week and the duties test that applies to each white collar exemption, although it remains unclear to what extent the Department of Labor will revisit the latter issue.  In acting on the President's directive, the DOL will commence a formal rulemaking process over subsequent months, during which time the scope of the agency's review will be clarified.