Congressman Rob Bishop (UT-01) today lauded passage of the Red Tape Reduction and Small Business Job Creation Act [H.R. 4078], a package of legislative proposals that address federal rules and requirements placed on businesses. If passed by the Senate, this legislation would, among other things, freeze burdensome federal regulations until national unemployment falls to six percent or lower.
"Limiting the regulatory burden will make it easier to start a new business and will help existing businesses succeed during these tough economic times," said Bishop.
A recent survey conducted by the U.S. Chamber of Commerce found that more than half of small businesses cited regulations as the top threat to their business. Such onerous regulations and requirements cost businesses an average of $10,585 per employee in 2008.
"Business owners have told us that red tape hinders new development and growth and is placing a significant financial burden on those already struggling to keep their doors open. This legislation gives businesses the relief and certainty they need to expand and grow, which is key to our economic recovery. Reduce the red tape and we'll reduce unemployment," Bishop added.