House Judiciary Committee Chairman Lamar Smith (R-Texas) today held a hearing to examine the Obama administration's expansion of government regulations that burden businesses, stifle job creation and stall economic growth.
According to the Heritage Foundation, in his first three years in office, President Obama adopted 106 major rules that impose $46 billion in additional annual regulatory costs on the private sector--a new record. To make matters worse, the Administration's latest regulatory agenda identifies over 200 major rules that are planned or have just been completed. Each of these rules will affect the economy by $100 million or more every year.
A recent Gallup Poll found that among the 85% of U.S. small business owners who aren't hiring, nearly half of these cited being "worried about new government regulations" as the reason they are not hiring.
Chairman Smith: "In his 2011 State of the Union Address, President Obama promised to fix "rules that put an unnecessary burden on businesses.' In his September 2011 address to a joint session of Congress, the President declared that "[we] should have no more regulation than the health, safety and security of the American people require.' But his actions speak louder than his empty words.
"Rather than lighten regulatory burdens to promote recovery, President Obama has turned America into a regulation nation. America's economic recovery depends on job creators, not federal regulators. We need to encourage small businesses to expand, not tie them up with red tape.
"America's job creators don't need more government regulation. They need fewer burdens, lower costs and an environment in which they can predict whether they can hire and make a profit."
To help address America's economic troubles, the House Judiciary Committee passed a comprehensive package of regulatory reform bills this term of Congress. The bills, which were approved by the House of Representatives, reduce regulatory costs, while still protecting public health, safety and welfare. Despite his promises to lighten the regulatory load, President Obama has threatened to veto every one of these bills.