WASHINGTON, D.C. – Following the introduction of S. 474, the “Small Business Regulatory Freedom Act,” small business advocacy groups from around the nation have rallied their support for this legislation, authored by Senators Olympia J. Snowe (R-Maine), Ranking Member of the Senate Small Business Committee and Tom Coburn, M.D. (R-OK).  Strong endorsements for this comprehensive bill, which would ensure that federal agencies fully consider the economic impact on small business during the regulatory process, have been announced by the U.S. Chamber of Commerce, the National Federation of Independent Business, and the Small Business & Entrepreneurship Council, among others (full list below).

“Excessive regulations are suffocating the entrepreneurial spirit of America’s almost 30 million small businesses and, regrettably, small firms with fewer than 20 employees bear a disproportionate burden of complying with these rules,” said Senator Snowe.  “Small businesses in Maine and around the nation are rightfully concerned by onerous regulations emanating from Washington, and it is incumbent upon Congress to focus like a laser on pro-growth policies that cultivate an economic climate ripe for job creation and innovation.”

In a letter endorsing S. 474, key business stakeholders asserted, “In an economy with high unemployment, and where almost 2/3 of all net new jobs come from the small business sector, we appreciate that your legislation would require regulators to further analyze the impact of certain proposals on job creation.”  A copy of the letter is attached and a complete list of supportive key stakeholders is below. 

Additionally, upon the introduction of S. 474 on March 3, Susan Eckerly, Senior Vice President of the National Federation of Independent Business (NFIB) said,I applaud Senators Snowe and Coburn for introducing a strong regulatory reform bill that requires federal regulators to measure the impact of their proposed rules on job creation.  According to our latest NFIB Small Business Economic Trends report, government regulation is the single most significant problem for 17% of small business owners, which is up from 13% just a year ago.  The Small Business Regulatory Freedom Act of 2011 will help to prevent the threat of costly new regulations and we appreciate their leadership on job creation in the small business sector.”

Key provisions of this legislation include:

  • Including “Indirect” Economic Impact in Small Business Analyses
  • Judicial Review to Allow Small Entities to Challenge Proposed Regulations
  • Periodic Review and Sunset of Existing Rules
  • Requiring Small Business Review Panels for All Federal Agencies
  • Expanding the Regulatory Flexibility Act to Agency Guidance Documents

The following groups cosigned the attached letter in support of S. 474:

American Public Power Association

Hispanic Leadership Fund

Institute for Liberty

International Franchise Association

National Association for the Self-Employed

National Association of the Remodeling Industry (NARI)

National Black Chamber of Commerce

National Federation of Independent Business

National Lumber and Building Material Dealers Association

Small Business & Entrepreneurship Council

Society of American Florists

U.S. Chamber of Commerce

Window and Door Manufacturers Association