Relieving Regulatory Burdens on Small Businesses
Posted by
Randy
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May 12, 2011
In 2010, unelected bureaucrats in Washington imposed 95 new “major” regulatory rules on businesses, local governments and families, each of which carried an economic burden of over $100 million. According to the Small Business Administration, these types of major rules, plus the tens of thousands of new and existing “non-major” regulations, cost our economy more than $1.75 trillion annually. Read more.
These excessive regulations inhibit job growth by increasing consumer costs and creating an environment in which businesses are reluctant to invest or grow. Small businesses are especially hard-hit by costly regulations, incurring 36% in additional costs per employee relative to larger firms in order to comply with them. In response to this barrage of regulations, I have cosponsored the Regulations from the Executive in Need of Scrutiny (REINS) Act. This bill would require that Congress take an up-or-down vote on every new major rule before it could be enforced on businesses and the American people. By requiring congressional approval of all major rules (i.e., those having an economic effect of at least $100 million), the REINS Act would ensure legislative accountability and give a voice to job creators. Read more about the REINS Act here and weigh in with your thoughts on the impacts of government regulations.
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