Committee Examines Obama Administration’s Record on Regulatory Costs
WASHINGTON, D.C. – The House Small Business Committee, led by Chairman Sam Graves (R-MO), today examined the Obama administration’s record of increasing the regulatory cost burden on small businesses, despite its directive to reduce it.
On January 18, 2011, in an executive order, President Obama directed agencies to look again at the regulations in place and find ways to reduce the burden on small businesses. In today’s hearing, the Committee questioned whether agencies’ efforts to engage in a retrospective review of their rules are resulting in meaningful reductions to that burden. According to the Office of Management and Budget, in Fiscal Year 2012, 14 major rules alone imposed an additional $14.8 to $19.5 billion in annual costs, which was the costliest year on record for federal regulation. By comparison, there were only 6 major rules, ten years ago, in Fiscal Year 2003, that imposed only $1.9 to $2 billion in annual costs.
“Retrospective reviews only matter if real improvements are made. It is time that agencies undertake a serious review of the effectiveness and economic impact of regulations and take actions to reduce burdens,” said Chairman Graves. “But these reviews should lead to more than just an additional talking point or nipping around the edges. Small businesses would benefit from an improved overall regulatory environment, and we need to see much more progress in reducing the impediments to growth for our nation’s job creators.”
Materials for the hearing are posted on the House Small Business Committee’s website HERE.###