WASHINGTON – Last week, Karen Kerrigan, President and CEO of the Small Business and Entrepreneurship (SBE) Council, acknowledged the Administration’s efforts to ease the regulatory burden on small businesses in an SBE Council article. These efforts coincide with the House Small Business Committee’s efforts over the past several years that have helped provide certainty and encouraged entrepreneurship.  Ms. Kerrigan, however, explained that small businesses are still waiting for long-lasting regulatory relief, especially through the passage of S. 584, the Small Business Regulatory Flexibility Improvements Act.  A similar bill was authored by House Small Business Committee Chairman Steve Chabot (R-OH) and passed the House on January 11, 2017.

What About Small Business Regulatory Reform?

By Karen Kerrigan

“From the first full day President Trump took office until now, the Administration has focused on removing regulatory impediments and overreach that are hurting our economy and its small businesses.  A series of executive orders, Congressional Review Act (CRA) resolutions signed by the President (14 in total), as well as specific actions by the agencies to roll back or review some of the more onerous rulemakings under the Obama Administration have made a significant difference in bringing certainty and lower costs for many businesses,” said Kerrigan.

The article goes on to explain that the Small Business Regulatory Flexibility Improvements Act “updates the Regulatory Flexibility Act and closes loopholes used by rule writers to avoid complying with steps that protect small businesses from rash or one-size-fits-all regulations. It would make federal agencies account for a full and complete economic impact of their proposed regulations (direct and indirect costs); include IRS rulemakings for analysis; require full transparency as to why a rule was drafted, how it was drafted, and the real impact on small businesses; review old rules currently on the books; and waive certain fines for first-time paperwork violations.”

“This is a critical bill for Main Street, as large companies have their K Street outposts to comb through the Federal Register on a daily basis and intervene with regulators on their behalf.  S.584 embeds common sense steps in proposed federal rulemakings, which systematically protect startups and small firms from overreaching regulatory efforts.”