Which act requires payment of prevailing wage rates and fringe benefits on federally financed or assisted construction?

The Davis-Bacon Act is the legislation that mandates the payment of prevailing wage rates and fringe benefits on federally financed or assisted construction projects. This act was established to ensure that workers on government-funded projects are paid at least the local prevailing wage for similar work in the area. It applies to contracts over a certain monetary threshold and is aimed at preventing unfair competition by ensuring that contractors do not underbid others by paying lower wages.

The significance of the Davis-Bacon Act lies in its role in promoting fair labor standards and protecting workers' rights in the construction industry. It requires contractors to pay specific wage rates determined by the Department of Labor to laborers and mechanics employed on federal contracts. This ensures that the economic benefits of federal investments aid local economies and workers receive equitable compensation for their labor.

In contrast, the other acts listed do not specifically focus on the requirements related to prevailing wages for construction projects. The Fair Labor Standards Act primarily addresses minimum wage and overtime pay. The Smith-Hughes Act relates to vocational education funding, and the Occupational Safety and Health Act focuses on workplace safety and health standards, rather than wage regulations.