Congressman Leonard Lance (NJ-7) released the following statement after the U.S. House late yesterday approved H.R. 527, the "Regulatory Flexibility Improvements Act" by a bipartisan vote of 263 to 159.
"Costly red tape and government restrictions can place an unnecessary drag on private-sector job creation. The Regulatory Flexibility Improvements Act is bipartisan legislation that will allow small business owners to spend more of their time investing in their companies and creating new jobs rather than fighting cumbersome rules and regulations. Passage of this sensible regulatory reform measure to help spur economic growth deserves immediate consideration in the U.S. Senate," Lance said.
H.R. 527, the Regulatory Flexibility Improvements Act would strengthen the regulatory process by requiring agencies to thoroughly analyze the economic impact their rules have on small businesses. According to the U.S. Small Business Administration, federal regulations cost the American economy $1.75 trillion annually.
"Bringing more accountability to the federal rulemaking process is a top priority for small businesses, and passing the "Regulatory Flexibility Improvements Act' is central to that effort," said National Federation of Independent Business President and CEO Dan Danner. "This bill improves transparency and gives small businesses a greater stake in the regulatory process, and I thank Congressman Lance for his vote in support of these common-sense reforms."