* Mr. PAUL. Mr. Speaker, today I rise to introduce the Protect Small Business Jobs Act. This bill gives small businesses six months to correct any noncompliance with federal regulations. If a business is in compliance at the end of the six months, then the federal government cannot fine, or pursue any other legal action against the business. Small businesses that demonstrate good faith efforts to come into compliance can receive an additional three-months grace period. Any small business may challenge a finding that it is in noncompliance with regulations without forgoing the six-month grace period.
* As I am sure my colleagues are aware, American businesses face a tangled web of ever-changing rules and regulations. These businesses, which cannot afford a team of lawyers to monitor the Federal Register, can be forced to spend thousands of dollars in legal fees and fines related to regulations they did not even know existed. The legal fees imposed on small businesses for inadvertent violation of federal regulations divert funds away from growing businesses and creating new jobs.
* Mr. Speaker, at a time of continuing high unemployment and stagnant growth, doesn't it make sense to give small businesses a reasonable time to comply with federal regulations rather than just hitting them with job-destroying fines and legal bills? I hope all my colleagues will stand up for small businesses and their current and potential employees by cosponsoring the Protect Small Business Jobs Act.