The House Freedom Caucus asked the president-elect to scrap hundreds of rules in his first 100 days in office.
Small business owners are hoping the president-elect can make their lives easier almost immediately.
The House Freedom Caucus has similar hopes, sending Donald Trump’s transition team a report titled “First 100 Days: Rules, Regulations, and Executive Orders to Examine, Revoke, and Issue.”
KEEP UP WITH FEDERAL REGULATIONS IMPACTING SMALL BUSINESSES.
The 228 federal rules address a wide range of issues, but here are some that would affect small business the most:
Department of Health and Human Services
While Obamacare remains a key healthcare concern, there are other smaller, important regulations that made the list. One of them is the 2015 rule that dictates which healthcare services employers are required to cover.
Department of Labor
Labor laws and regulations have been particularly burdensome this year, especially the overtime rule that would raise the salary threshold for overtime pay from $455 a week to $913 a week ($47,476 a year). That law is currently on hold, but there are other rules that could use tweaking, including the Joint Employer Standards and OSHA’s Silica Rule.
The Silica Rule greatly impacts the construction industry, particularly real estate developers and home builders, and the Joint Employer Standards “expanded the definition of employer to include those who have ‘indirect’ or even ‘potential’ control over practically any employment decision,” according to the report.
The House Freedom Caucus also wants Trump to get rid of the rules establishing paid sick leave for federal contractors and subcontractors, and raising the minimum wage for them. It also wants him to end the new fiduciary rule that some say is raising the costs of getting financial advice.
Department of Energy
The House Freedom Caucus also wants a number of energy conservation and efficiency standards eliminated, which could save business owners money on energy costs. New conservation standards for freezers, for example, could affect even neighborhood ice cream shops.
Department of Defense
Trump should eliminate the new Waters of the United States rule, the group urged, saying the rule could be interpreted to cover nearly any water in the country.
Environmental Protection Agency
A 2015 rule on carbon emissions for power plants should be scrapped, as it will increase energy costs for small business owners.
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