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For Immediate Release
Contact: Eric Reller 202-314-2073 or [email protected]
Regulatory Tidal Wave Inhibits Jobs, Growth
WASHINGTON, D.C., September 30, 2013 — During testimony today before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law, Virginia NFIB State Director Nicole Riley told members that unreasonable regulations are crippling small business growth.
Small businesses currently bear a disproportionately high cost, compared with larger businesses, to comply with federal regulations. A 2010 Small Business Administration study shows small businesses pay 36 percent more to comply than their larger counterparts, at an average cost of $10,585 per employee.
“From January 1 through September 27 of this year, federal agencies have issued 2,878 rules,” said Riley. “That is more than 10 new requirements a day that small business owners need to review to see if they apply to their business. The entrepreneurs that I visit with simply don’t have time to keep up with the load. Agencies and OIRA need to recognize the genuine burden each regulatory requirement places on small businesses.”
The NFIB Research Foundation’s Problems and Priorities survey, which establishes the relevant importance of small business concerns, has found unreasonable government regulations to be a top concern for small business owners. NFIB has made regulatory reform, and the passage of the Regulatory Flexibility Improvements Act, a key policy objective.
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