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Mr. HUIZENGA of Michigan. Mr. Speaker, I rise today in support of House Resolution 72, which would direct the Financial Services Committee to conduct an inventory reviewing existing, pending, and proposed regulations that impede job creation and economic growth. Once again, my colleagues on the other side of the aisle are afraid of the answers that they will find when we shine the light of truth on what these regulations do.
As Members of Congress, we need to work with job creators to help create an atmosphere in our country that will foster job growth, particularly within the small business community. Simply put, the private sector, not the public sector, creates prosperity. We don't need more government or a bigger one. Last year alone, the executive branch issued more than 3,000 new rules and regulations which their own Small Business Administration reports will cost businesses over a trillion dollars.
Both sides of the aisle agree that small businesses are the backbone and the engine of the economy and provide more than two-thirds of all American jobs. As a small business owner, I know firsthand how Federal regulations can choke small businesses. The average small business with less than 20 employees faces an annual cost of $10,585 to comply with a myriad of Federal regulations per worker they employ. For my small gravel company that employs two full-time workers, including a gentleman who's worked for my grandfather, my father, and myself, that equates to more than $21,000 that I have to spend towards compliance--money that I could be using to invest in much-needed new equipment.
Last month, the Bureau of Labor Statistics reported that the national unemployment rate fell from 9.6 percent to 9.4 percent. This drop is due largely to people who have simply stopped looking for work. In some areas of my district, the Second District in Michigan, that number is nearly double the national average.
I believe there are some universal principles of successful businesses that Congress could work on to help grow our economy again. For government, that means creating an atmosphere for success through a reasonable tax and regulatory environment.
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