This week, the House will vote on the Red Tape Reduction and Small Business Job Creation Act (H.R. 4078), a package of several common-sense jobs bills focused on eliminating excessive government regulations and red tape that make it harder for small businesses to hire and hurt economic growth.
In a recent survey by the US Chamber of Commerce, 78 percent of small businesses said excessive regulations and taxes make it harder for them to hire. Small businesses are particularly vulnerable to the costs imposed by Washington – their annual regulatory cost is roughly $10,585 per employee, 36 percent higher than the costs facing larger firms. That’s why this package includes the:
- Regulatory Freeze for Jobs Act (H.R. 4078) by Rep. Tim Griffin (R-AR): stops all new “significant” federal regulations until the national unemployment rate falls to six percent or lower. The unemployment rate has been higher than eight percent for 41 consecutive months.
- Midnight Rule Relief Act (H.R. 4607) by Rep. Reid Ribble (R-WI): stops controversial “midnight regulations” from being imposed during a “lame duck” period after an election.
- Sunshine for Regulatory Decrees and Settlements Act (H.R. 3862) by Rep. Ben Quayle (R-AZ): improves transparency and accountability in the “sue-and-settle” process where special interest groups try to impose new regulations through lawsuit settlements with regulatory agencies.
- Responsibly and Professionally Invigorating Development (RAPID) Act (H.R. 4377) by Rep. Dennis Ross (R-FL): streamlines federal permitting and environment regulations, and provides more certainty to small businesses, manufacturers, farmers, and all private-sector job creators.
- Unfunded Mandates Information and Transparency Act (H.R. 373) by Rep. Virginia Foxx (R-NC): exposes the hidden costs of federal red tape by requiring analysis of how changes in federal law affect state and local governments, and small business job creators.
- SEC Regulatory Accountability Act (H.R. 2308) by Rep. Scott Garrett (R-NJ): requires the SEC to conduct cost-benefit analysis of new rules to ensure the benefits outweigh the costs to job growth.
- Consideration by Commodity Futures Trading Commission of Certain Costs & Benefits (H.R. 1840) by Rep. Michael Conaway (R-TX): requires the CFTC to conduct cost-benefit analysis of new rules to ensure the benefits outweigh the costs to job growth.
The House will also vote next week to stop the tax hike Ernst & Young says will destroy more than 700,000 American jobs, and has already passed legislation to replace the “sequester” defense cuts that would devastate our national security.
This effort to “remove onerous regulations that are redundant, harm small businesses, and impede private sector investment and job creation” is all part of the Republican Plan for America’s Job Creators. See the full list of 30+ jobs bills passed by the House (so far) here and learn more at jobs.GOP.gov.