American businesses pay an estimated $1.8 trillion to comply with costly, often unnecessarily excessive, regulations imposed by the federal government. That equals roughly $15,000 per U.S. household and is equivalent to 85 percent of 2013 U.S. corporate profits. This overregulation is forcing American companies to increase prices for consumers and lower wages for employees, or even hire fewer of them, hurting their ability to compete nationally and globally. Sadly, many of our federal regulations are implemented without consideration of their cost and without public input. Today, the House passed much-needed legislation that requires the Executive Branch to factor in the cost of compliance when implementing regulations. It also requires advance public notice of proposed rulemaking to increase public awareness and input prior to implementation. Simply put, this legislation creates a commonsense approach to implementing regulations that don’t put Americans out of work.
Posted on: Tue, 13 Jan 2015 23:32:42 +0000
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