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NFIB’s Rob Smith Testifies on the Impact of Excessive Regulations on Main Street Businesses

WASHINGTON, D.C. (May 22, 2024) – Rob Smith, Senior Attorney for NFIB’s Small Business legal Center, delivered a compelling testimony before the U.S. House Committee on Small Business, shedding light on the detrimental effects of burdensome regulations on small businesses across the country. In a hearing titled, “Burdensome Regulations: Examining the Biden Administration’s Failure to Consider Small Businesses,” Smith emphasized how government regulations and red tape are taking a toll on the financial well-being of Main Street businesses.

Smith emphasized:

“The Regulatory Flexibility Act (RFA) was originally intended to address the disproportionate impact of federal regulations on small businesses. However, it has now become ineffective in achieving its intended purpose. Administrative agencies have found ways to circumvent the law’s requirements, exploit loopholes, and conduct flawed cost analyses.”

“It is crucial to understand that each new regulation does not affect a small business owner in isolation. Instead, these regulatory burdens accumulate and stack on top of existing requirements, creating an unbearable pressure. The current regulatory landscape is unsustainable, and urgent action is imperative.”

“Small businesses are seeking assistance from this committee to strengthen the RFA, ensure agency compliance, and alleviate the regulatory pressures they face. Immediate relief is essential. Enacting the Prove It Act of 2024 would be a significant initial step in the right direction.”

According to NFIB’s research, ‘unreasonable government regulations’ consistently rank as a top concern among small business owners. NFIB has been a staunch advocate for measures that aim to alleviate the regulatory burdens faced by Main Streets nationwide, such as the Prove It Act, which seeks to address loopholes in the Regulatory Flexibility Act (RFA) and streamline red-tape for small businesses.

Prior to his testimony, Smith authored a comprehensive White Paper focusing on the Regulatory Flexibility Act (RFA), highlighting its significance, the compliance gaps among administrative agencies, and recommendations for revitalizing the RFA in the present legislative landscape.

For more details on Smith’s testimony, click here. To watch the full hearing, click here.

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