Mid City Times

Congresswoman Beth Van Duyne of Texas and U.S. Senator Roger Marshall from Kansas have introduced the Small Business Regulatory Reduction Act. The legislation aims to alleviate the regulatory burdens on small businesses, which have been described as excessive under the Biden administration.

Van Duyne has collaborated with Representatives Dan Meuser, Aaron Bean, and Derek Schmidt in sponsoring this bill. "After Biden-Harris imposed a historic $1.8 trillion of regulatory costs and inflicted painful inflation at a rate of 20%, our local job creators are in desperate need of relief," stated Rep. Van Duyne. She emphasized the importance of small businesses in driving economic growth.

Senator Marshall echoed these sentiments, asserting his commitment to supporting small businesses over larger corporations like Wall Street. "It’s time to slash the red tape and create a regulatory environment that ensures America’s small businesses, the backbone of our economy, thrive,” he said.

Representative Meuser highlighted the challenges faced by small businesses due to federal regulations amounting to $1.7 trillion in costs and 326 million hours spent on paperwork under current policies. He advocated for removing barriers that hinder innovation and economic prosperity.

Rep. Bean shared his personal experience as a former business owner, expressing support for efforts to reduce compliance obstacles that impact small enterprises negatively.

Rep. Schmidt criticized existing regulations as burdensome and outdated, stating they suffocate small business operations.

The legislation has garnered support from several organizations including the Small Business & Entrepreneurship Council (SBE Council), National Taxpayers Union, Competitive Enterprise Institute, and Associated General Contractors of America.

Karen Kerrigan from SBE Council expressed that quantifying regulatory costs annually is crucial for accountability and sensible regulation: "Quantifying these costs on an annual basis... provides a framework that promotes accountability."

Ryan Young from Competitive Enterprise Institute noted that capping regulatory costs at current levels is essential for better policy: "Capping regulatory costs for small businesses at current levels is an important step towards better regulatory policy."

Nicholas Johns from National Taxpayers Union endorsed the bill's aim to minimize burdens on companies under their purview: "National Taxpayers Union applauds this bill because it would prevent the Small Business Administration from hindering companies under their purview."

Jeffrey Shoaf from Associated General Contractors emphasized how reducing vague regulations could benefit construction industry businesses while maintaining environmental standards: "This measure will reduce these regulatory burdens... while maintaining existing environmental standards.”

Federal regulation costs are estimated to exceed $3 trillion with significant impacts on smaller firms. This proposed legislation would require annual reporting by the Small Business Administration on such imposed costs across agencies affecting these entities.