The government should not regulate how much companies pay each work. Especially the Federal Government.
If the Federal Government repeals Federal Minimum wage, it will not mean there will be no such thing as minimum wage on the state level.
Some states have minimum wage above the federal minimum wage such as Washington at $9.04 Other states such as Louisiana have no state minimum wage. For more info check this website. http://2012.republican-candidates.org/Minimum-Wage.php
The federal government should not mandate each state to have minimum wage bar set for the nation, instead it should be removed because, than it will encourage more competition, and more jobs, because employers will be able to hire more people. This will encourage more competition between businesses, and more products.