Continuing to role back regulations
Posted on April 3, 2018 11:56 am CDT
By Congressman Billy Long,
In 2017, more than half of small businesses said that regulations were among their top concerns. According to that same survey released by the National Small Business Association, small businesses spend more than $83,000 in their first year of operation to stay compliant with regulations. And it’s not state and local regulations that are the issue, it’s federal regulations. Fifty-eight percent of small business owners say that federal regulations are the most burdensome to their business. It’s time that finally changes.
Cutting regulations continues to be a top priority for both the president and Congress. Last year, Congress passed the Midnight Rules Relief Act and the Regulations from the Executive in Need of Scrutiny Act. These bills aim to cut down on regulations and increase congressional oversight. In addition to these bills, last year, the House of Representatives passed 15 pieces of Congressional Review Act legislation that roll back regulations across different sectors. The Congressional Review Act has been used since 1996 in order to keep the executive branch in check and prevent harmful rules from going into effect. This March, the House passed the Comprehensive Regulatory Review Act and the Blocking Regulatory Interference from Closing Kilns Act. Both of these bills have the same goal: limit the federal government’s role.
The Comprehensive Regulatory Review Act would require and expand the review of financial regulatory requirements by requiring a review every seven years instead of 10 years. This would help streamline regulations by either combining or getting rid of duplicate regulations. I constantly hear from community banks about all the red tape they have to cut through to ensure they are compliant. Sometimes the red tape can cost them thousands and thousands of dollars, which most small banks can’t afford.
The Blocking Regulatory Interference from Closing Kilns (BRICK) Act aims to tackle abusive environmental regulations. The BRICK Act is in response to a rule implemented in 2015 by the Environmental Protection Agency, which established emission rules for brick, structural clay products and the clay ceramics manufacturing industry. This rule is not only being challenged in court but has the possibility of costing thousands of jobs.
Unelected bureaucrats in Washington many times forget that regulations have real world effects. It’s not just words on paper. Real people feel the effects and sometimes have to close up shop due to the burdensome and costly consequences of the rules. As great as these bills are, there is still more work to be done. We will continue the fight to roll back overzealous regulations that are harming businesses and costing thousands of jobs.