Final answer:
The Davis-Bacon Act governs prevailing wages on federally financed projects, ensuring fair compensation and preventing underbidding by contractors.
Explanation:
The law that governs the payment of prevailing wages on federally financed projects is the Davis-Bacon Act. Enacted in 1931, this law requires contractors and subcontractors on federal construction projects to pay employees prevailing wages determined by the Department of Labor.
For example, if a construction company is working on a federally funded highway project, they would need to pay their workers wages that are at least equal to the prevailing wages in that locality for similar projects.
The Davis-Bacon Act aims to ensure that workers are fairly compensated for their labor on government-funded projects and prevent contractors from underbidding by reducing labor costs.
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