NFIB Welcomes Introduction of Small Business Regulatory Flexibility Improvements Act

Date: January 27, 2015

The National Federation of Independent Business
(NFIB) applauded the introduction of H.R. 527, the Small Business Regulatory Flexibility Improvements Act
of 2015. 

“Small business owners want government agencies to
fully understand how the regulations they implement impact businesses on Main
Street,” said NFIB Manager of Regulatory Policy Dan Bosch.
“NFIB appreciates Chairman Chabot’s effort to introduce legislation that would
promote greater input from businesses during the drafting process and thereby
produce better regulations.”

This legislation reforms the Regulatory
Flexibility Act (RFA) by requiring government regulators to include the
indirect impact in their assessment of a regulation’s overall impact on small
businesses. In addition, it gives small businesses a greater voice in the
rulemaking process by expanding the small business advocacy review panel
process to all agencies and strengthens several other aspects of the RFA – such
as clarifying the standard for periodic review of rules by federal agencies.

“Regulatory uncertainty is a major concern for
small businesses – directly impacting the ability to plan for future growth.
While regulation is necessary, it should be pragmatic and sensible,” added
Bosch
.

According to the U.S. Small Business Administration’s Office of Advocacy, the
Regulatory Flexibility Act saved small businesses at least $4.8 billion in
compliance costs in fiscal year 2014. Strengthening and expanding the RFA would
yield even greater economic benefits to small businesses.

In NFIB’s most recent Small Business Economic Trends survey, ‘government
requirements and red tape’ ranked as the second-most frequent answer when NFIB
members were asked to identify the single most important issue facing their
small business. NFIB strongly supports this legislation as an important step toward
ensuring that federal regulations do not thwart the ability of small businesses
to innovate and grow.

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