Democrats Jan. 16 unveiled a bill to raise the hourly federal minimum wage to $15—long-shot legislation that would likely require compromise with Republicans to become law.

Sen. Bernie Sanders (I-Vt.) and Rep. Bobby Scott (D-Va.) announced the Senate and House versions of the Raise the Wage Act, which would increase the federal wage floor from the current $7.25 per hour to $15 by 2024. The legislation also would remove subminimum wage mandates for disabled workers and gradually increase the...