「１日８時間、週４０時間」という労働基準法が定める労働時間の規制を特定のホワイトカラーだけ除外する「ホワイトカラー・エグゼンプション」の議論が進んでいる。

「、」「・」。

There is ongoing discussion about a 'white-collar exemption' that would excuse specific white-collar workers from the '8 hours a day, 40 hours a week' working-time regulations stipulated in the Labor Standards Act.

Literal

''1 day 8 hours, week 40 hours'' [quotative-という] Labor-Standards-Act [subject-が] stipulates working-time [possessive-の] regulation [object-を] specific white-collar only exclude ''white-collar exemption'' [possessive-の] discussion [subject-が] progressing-[state-ている].

A news/policy-analysis sentence. 労働基準法 ('Labor Standards Act') is Japan's primary labor law. ホワイトカラー (white-collar) and ホワイトカラー・エグゼンプション ('white-collar exemption') are direct loanwords for the US-derived concept of exempting salaried professionals from hour limits. 定める ('to stipulate, establish') is the formal legal verb. The long nominal-heavy pre-modifying clause is characteristic of news writing.