Congressman Bob Latta (R-Bowling Green) voted in favor of H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act. This bill will enact a freeze on economically significant federal regulations, defined as "likely to have an annual effect on the economy of $100 million or more," until unemployment reaches six percent or below.
"With the unemployment rate still above eight percent, we need to put in place a fair system for job creators, one in which the government does not keep changing the rules. Small business owners in my district have repeatedly expressed their concerns to me about duplicative and burdensome regulations, whether it be regulations from the EPA or the Department of Labor, or any other federal agency, they are apprehensive about the uncertainty it creates for their businesses," commented Latta.
According to the Small Business Administration (SBA), federal regulations cost $1.7 trillion annually. A report conducted by SBA found that per employee, small businesses face regulatory costs 36 percent higher than larger businesses. In 2012 alone, the Federal Register has published over 41,000 pages.
"Entrepreneurs and small business owners have built their businesses and have helped to make America the most prosperous nation in the world. Yet, rather than provide incentives for these businesses to grow and create jobs, this administration continues to expand job-crushing regulations," Congressman Latta stated.