Congressman Chris Collins, R-NY-27, today released the following statement after introducing the Small Business Regulatory Sunset Act, which aims to reduce what he called excessive regulations hurting small businesses:
"Small business is the economic engine that drives our economy," Collins said. "To unleash the good-paying job opportunities and economic benefits small businesses provide for Western New York, we need to reduce burdensome regulations. This common-sense legislation eliminates duplicative regulations, while incentivizing agencies to eliminate rules that hurt small businesses."
This legislation is the companion bill to S. 846, which was originally introduced by State Sen. Mark Kirk of Illinois.
"Small business is the engine of the American economy, and it is clear that the burden current regulations are placing on business owners is disadvantaging new innovations," Kirk said. "The Small Business Regulatory Sunset Act will help correct this problem for small businesses across the country so that they can focus on product creation instead of compliance."
The Small Business Regulatory Sunset Act of 2015 aims to address the lack of accountability federal agencies face under current law. Federal agencies currently must review rules that have a significant economic impact on small businesses, but there is no current enforcement mechanism to ensure that. This legislation works to correct that by:
•Adding several critical factors that agencies must consider when promulgating a rule, including the complexity of the rule, complaints from small businesses, Small Business Administration comments and the continued need for the rule.
•Implementing an enforcement mechanism: If an agency does not properly perform the required reviews as determined by the agency's inspector general, the agency would face a 1 percent cut in funds appropriated for the agency's salaries.
•Introducing an automatic sunset provision for new covered rules. Seven years after a final rule is published, it will automatically expire, unless an agency takes action to renew the rule through the existing rulemaking process.
Full text of the legislation can be read here: https://chriscollins.house.gov/sites/chriscollins.house.gov/files/Small%20Business%20Regulatory%20Sunset%20Act%20Text.pdf>.