Bill sets expiration date for federal rules
Market research and advocacy groups including the R Street Institute, the Competitive Enterprise Institute and Citizens Against Government Waste released an open letter Tuesday that called on senators to pass the bill.
“Despite being authorized to review and update rules affecting small business, most agencies fail to complete this review in an acceptable manner,” the letter said. “This ensures the ever-growing list of rules continues to multiply, disproportionately weighing down small entities with fewer available resources.”
Quoting figures from the National Association of Manufacturers, the groups said regulatory compliance for small businesses cost an average of $11,724 per employee in 2012 and $34,67 for small manufacturers. Since 1993, more than 87,000 rules have been issued.
“If the cost of complying with U.S. regulations were an economy unto itself, it would be the 10th largest in the world, coming in at $1.863 trillion,” the letter said citing an analysis from the Competitive Enterprise Institute.