Bass eases pain for small businesses
As someone who works with small businesses every day, I hear how exceedingly burdensome the regulations coming out of Washington, DC are on business owners.
The House of Representatives recently passed H.R. 527, the Regulatory Flexibility Act, which gives the Small Business Administration (SBA) new authority to ensure that federal agencies comply with regulatory review requirements. It expands the review that agencies must conduct before issuing new regulations and the review they conduct of existing rules to include an evaluation of indirect costs.
Under current law, if a rule will have a significant economic impact on a substantial number of small businesses, then the agency must look at alternatives and weigh costs and benefits. But agencies are not complying fully with the current law. The Regulatory Flexibility Act will close loopholes and address weaknesses in the current law, to require agencies to conduct the kind of analysis they should already be doing.
The small business owners I meet say complying with regulations has become an overwhelming problem. This country can’t do well unless small businesses do well. Federal agencies should properly and periodically review their rules to ensure regulations aren’t unduly burdensome.
Some regulations are absolutely necessary to protect the public good. However, we need to ensure that regulations reflect a proper balance that does not unreasonably hinder small businesses, job creation and innovation. I commend Congressman Charlie Bass for helping to ease the burden on small businesses.
Juliana Bergeron is a Financial Representative for Northwestern Mutual, member and past chair of the Monadnock Economic Development Corporation, and past president of the Keene Rotary Club.