Nydia M. Velázquez, Chairwoman
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For Immediate Release
December 14, 2007
CONTACT: Erin Donar, (202) 225-4038
Changes Will Reduce the Regulatory Burden on Small Firms
WASHINGTON – Today, the House Small Business Committee passed H.R. 4458, the Small Business Regulatory Improvement Act, providing this nation’s 26 million entrepreneurs much needed relief from the regulatory burden that stifles small business growth. Just this week, the Federal Register exceeded 70,000 pages for the year, making clear the threat that small businesses face in their path to success. This legislation enables small firms to flourish and spur economic growth across the country.
“Small businesses are critical to our economy and to the development of communities nationwide. Paying 45% more in regulatory costs than larger firms only works to hinder small firm innovation and expansion,” said Chairwoman Nydia M. Velázquez. “Changes must happen to allow entrepreneurs to continue the role as the proven job creator.”
Introduced by Congressman Brad Ellsworth (D-IN), H.R. 4458 strengthens entrepreneurship by addressing shortcomings in the Regulatory Flexibility Act of 1980 (RegFlex). With these reforms in place, the effects of the increasing regulations small firms face will be fully considered and the foreseeable indirect consequences of these rules will be examined. Giving small businesses a greater say in the most significant items that impact them everyday, this legislation ensures entrepreneurs are no longer overlooked in the regulatory process.
“It is simply unacceptable to ignore how these regulations may hamper entreprenuership and innovation.” said Chairwoman Velázquez. “These improvements help small ventures flourish by creating a fair process that they are better able to manage.”
H.R. 4458 ensures that America’s small businesses are no longer placed at a disadvantage by federal regulations. As the regulatory burden increased small firms struggled to keep pace, this bill establishes a regulatory process that is balanced and fair to entrepreneurs.
“With the number of challenges currently facing small businesses, it is critical that we ensure they are not further dealing with unnecessary obstacles,” Chairwoman Velázquez. “By passing this legislation, we are bringing significant relief to the nation’s 26 million small firms while at the same time stimulating our economy.”
The legislation has the support of a wide variey of groups including: the US Chamber of Commerce, the American Farm Bureau Federation, the American Medical Association, the American Dental Association, the American Hospital Association, the Associated Equipment Distributors, the Aeronautical Repair Station Association, the Associated General Contractors, the Food Marketing Institute, the National Association of Manufacturers, the National Association of Wheat Growers, the National Electrical Contractors Association, the National Council of Farmer Cooperatives, the National Retail Federation, the National Roofing Contractors Association, the Owner-Operator Independent Drivers Association.