January 10, 2017
The Job Creators Network strongly urges lawmakers to support the Small Business Regulatory Flexibility Improvement Act of 2017 (Tittle III of H.R. 5)—which is planned to come up to a vote tomorrow (January 11). The act strengthens the ability of the original Regulatory Flexibility Act (RFA) by requiring government agencies to step up their efforts on investigating the impact of new regulations on small businesses. More specifically the legislation accomplishes these things:
- Clarifies the responsibility of government agencies to measure the economic impact of regulatory mandates.
- Eliminates a loophole that the Internal Revenue Service has used in the past to avoid compliance with the RFA.
- Expands the opportunity for small businesses to have early input on new rules.
- Strengthens the ability of the RFA to review and analyze existing regulations for economic impact.
Entrepreneurs are being inundated with government mandates that affect the very existence of their small businesses. The passing of the Small Business Regulatory Flexibility Improvement Act will strengthen the barrier between small enterprise and damaging government regulations. It will also give small business owners the opportunity to voice their opinion about future regulations.