I have written several posts about the movement to enact regulatory flexibility legislation at the state level using a model similar to the Regulatory Flexibility Act enacted at the federal level. The intent is to assure that regulations no longer place a disproportionate cost on smaller businesses. A new report shows the impact that the federal act has had. Small business has seen significant savings on needless expenditures related to their compliance with laws passed with large corporations in mind.
“Federal agencies that listened to the voice of small business early in the regulatory process saved America’s job creators over $17 billion in 2004, according to a report issued today by the Office of Advocacy of the U.S. Small Business Administration. Report on the Regulatory Flexibility Act, FY 2004 details federal agency compliance with the Regulatory Flexibility Act (RFA). The RFA requires agencies to consider the impact of their rules on small entities and examine significant alternatives that reduce it.”
This is $17 billion now available to grow small businesses, hire employees, add equipment, and reward entrepreneurs for the risk they take by investing in their businesses. It adds fuel to the engines of our entrepreneurial economy.
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