WASHINGTON – The U.S. House of Representatives has passed Small Business Committee Chairman Steve Chabot’s measure to force federal regulators to craft smarter, less burdensome regulations that take into consideration their direct and reasonably foreseeable indirect economic effects, especially on small businesses.
Chabot’s bill, introduced last week as the Small Business Regulatory Flexibility Improvements Act of 2017, passed the House this evening as Title III of H.R. 5, the Regulatory Accountability Act.
“Small businesses are found in every congressional district and every industry,”Chairman Chabot (R-Ohio) said.“They provide livelihoods for millions of workers and their families. Small businesses employ nearly half of the private sector workforce and generate two out of every three new private sector jobs.”
“The Small Business Regulatory Flexibility Improvements Act eliminates loopholes that agencies, like the Internal Revenue Service, have used to avoid compliance with the Regulatory Flexibility Act (RFA).” Chabot explained. “It also forces agencies to analyze not only direct, but also indirect effects of rules on small businesses – just as agencies are required to do when promulgating major rules affecting the environment.”
See more about what regulatory reform means for America’s 28 million small businesses here.