To address one of the greatest barriers to jobs, the House passed two new proposals this week to shrink the cost that regulations impose on small businesses. According to the Small Business Administration, regulations cost our economy about $1.75 trillion annually. Many regulations are important, like those that keep our food safe and our water clean. But we've all heard about countless others that seem like a needless burden, like the one that regulates how much dust a farm can produce. The government needs to create an environment where businesses can grow, and that means taking the time to reconsider expensive or ridiculous rules.
By a vote of 253 to 167, today we approved H.R. 3010, the Regulatory Accountability Act, which requires federal agencies to consider alternatives in rule-making and adopt the least-costly option. It also ensures that the public has more input on proposed rules. We also approved H.R. 527, the Regulatory Flexibility Improvement Act, which requires agencies to consider the impact that new rules would have on small businesses before adopting them.