WASHINGTON – Senators Mike Braun, Roger Marshall M.D., Katie Britt, Ted Budd, and Rick Scott introduced the Small Business Regulatory Reduction Act to protect small businesses from the financial burden of top-down federal regulations.
When D.C. imposes regulations, it often comes at a significant cost to our locally-owned businesses. In 2022 alone, complying with regulations cost American small businesses an average of $14,700 (adjusted for 2023 dollars) per employee on their payroll. The Small Business Regulatory Reduction Act alleviates these costs and requires the Administration to submit an annual report to Congress outlining the impacts of regulations on small businesses.
“We need to cut burdensome regulations on small businesses for Main Street to thrive. I’m proud to join Sen. Marshall on this bill to prevent big government from stacking regulations on top of America’s small businesses without removing any red tape,” said Senator Braun.
“Washington D.C.’s top-down regulatory approach hurts our small businesses – the backbone of our economy – the most. Main Street merchants are constantly under attack from this Administration’s onslaught of regulations and jumping through unnecessary and costly hoops to provide services to our communities. I am proud to join Rep. Beth Van Duyne in fighting for this important legislation that addresses our small businesses’ concerns and stands up to the Administration’s relentless attacks,” said Senator Marshall.
“I’m proud to join my colleagues in introducing this common-sense legislation to alleviate burdens on small businesses, who already have to contend with persistently high inflation on top of the Biden Administration’s red tape regime. From entrepreneurs just starting to the established, family-owned shops on local Main Streets across our great state and nation, I will fight tirelessly for small businesses and the families they support,” said Senator Britt.
“The SBA’s fundamental purpose is to empower America’s small businesses, not add regulatory burdens. I’m proud to join Senator Marshall’s commonsense bill to control the regulatory state and help job creators serve their customers,” said Senator Budd.
This legislation is based on the Trump Administration policy that required agencies to repeal two regulations for every new one created. This successful policy was repealed by the Biden Administration in 2021.
Read the full bill here.
