Bill Would Increase Transparency, Reduce Burden Of Government Regulations
As the clock runs out on the Obama Administration, business leaders are looking to the next Congress to take action to roll back the heavy burden of regulation on the economy. In a letter to Speaker Paul Ryan, the coalition of over 380 associations, led by the US Chamber of Commerce, says the Regulatory Accountability Act “would make the regulatory process more transparent, agencies more accountable for their decisions and regulations better-tailored to achieve their purpose without unnecessary burdens on stakeholders.” The Hill reports the bill was introduced in the current session by VA6 Rep. Bob Goodlatte (R) and MN7 Rep. Colin Peterson (D), and it would “force agencies to chose the least costly option when adopting final regulations unless the agency can show a costlier option is needed to protect public health, safety or welfare.” It would also “restricts agencies’ use of interim final rules, requires on-record hearings and advance notice of proposed rulemaking for all rules with economic price tags of $100 million or more and allows the public to petition to amend or repeal a rule.”
What This Means For Small Business
Small business owners would benefit from a regulatory environment that was more transparent and rules that are carefully crafted with regard to their effects on the economy. Small businesses are disproportionately affected by regulations, so more streamlined, less onerous regulations would be welcome in the coming Congress.
Additional Reading
The American Journal of Transportation and Bloomberg BNA also cover the regulatory reform letter.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
