President Obama is spending his final days penning regulations that will greatly affect small businesses. Is Donald Trump the answer to small business’ regulatory woes
Is it President-elect Trump to the rescue?
President Obama has been investing time and money into numerous job-killing regulations, according to Investor’s Business Daily.
KEEP UP WITH THE REGULATIONS THAT COULD HURT YOUR SMALL BUSINESS.
Five of these new regulations (four from the EPA and one from the DOI) Pres. Obama plans to impose will cost Americans more than $5 billion, according to the Washington Examiner.
“These five measures alone could impose $5.1 billion in costs and more than 350,000 paperwork burden hours,” said Sam Batkins, director of regulatory policy at the American Action Forum.
“In addition, three other rules in proposed form could add $898 million in burdens and 146,000 paperwork hours, for a cumulative total of nearly $6 billion in potential midnight costs and nearly 500,000 burden hours from the two agencies. Consider, EPA and Interior have already imposed $349 billion in previous burdens since 2009.”
This is going to hurt, as the federal regulatory cost to the economy totals about $2 trillion a year, Investor’s Business Daily reports.
Small business owners have a right to be worried, but this worry isn’t anything new. “Unreasonable government regulations” is the second greatest concern to small business owners, according to NFIB.
“Overregulation is a killer for the economy,” said NFIB President and CEO Juanita Duggan. “In recent years, there’s been an explosion of federal and state regulations. Every one of them costs money and time.”
But small business owners have been dealing with this regulation overload since Pres. Obama took office. The American Action Forum found that since 2009, Pres. Obama has brought 600 major new rules and over $813 billion in added costs.
However, these regulations aren’t necessarily set in stone. Yet. There’s still time for a change, as under the 1996 Congressional Review Act, “any rule put into effect can be rescinded within 60 legislative days by a majority vote of Congress.”
And the President-elect seems eager to make good on this promise. “Regulations have grown into a massive, job-killing industry—and the regulation industry is one business I will absolutely put to an end on day one,” he said in a report from The Hill.
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