NTU urges all Representatives to vote “YES” on H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act. Cutting the red tape that entangles business will help free the potential of our economy.
H.R. 4078 prohibits federal agencies from taking most regulatory action until unemployment falls to 6 percent or less. It also establishes important boundaries for emergency regulations and future regulatory policy. These include prohibiting most “midnight rules” and setting up common-sense principles for agencies to consider in rulemaking, such as considering the cost and ensuring no other regulations caused the problem in the first place. Together, these new guidelines will help curb the seemingly exponential growth of government – day by day, regulation by regulation – which punishes businesses of all sizes and their workers..
Currently, there is little holding the sprawling bureaucracy of federal agencies accountable. According to the annual “10,000 Commandments” report published by the Competitive Enterprise Institute, in 2011 alone, unelected bureaucrats issued 3,807 new final rules that impact how enterprises and individuals operate from day to day. The Heritage Foundation estimates that new regulations cost Americans $46 billion a year. These heavy burdens, embodied in the massive 81,247-page Federal Register, create a real drag on the economy and our recovery. Smaller businesses are particularly hampered in the process, being deprived of scarce capital assets they could otherwise invest in new materials or people. In some cases, layoffs or even bankruptcies become the only options. Onerous regulations also create a very real barrier to markets to begin with, keeping new ideas and technologies on the sidelines.
By making it harder to do business, to grow, to invest, and to serve customers, excessive regulations can often be as destructive as taxes. And much like tax reform, regulatory reform would provide a critical power-boost to our economic engine.
Roll call votes on H.R. 4078 will be included in our Annual Rating of Congress.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700