PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Advocate for Entrepreneurs Applauds Big Regulatory Savings Unveiled in New CEA Report

By at 28 June, 2019, 2:46 pm

NEWS

For Immediate Release

Washington, D.C. – A leading advocate for entrepreneurs and small businesses applauded an analysis of Trump Administration regulatory reform and deregulatory actions taken to date, which finds big savings from these actions. The report, The Economic Effects of Federal Deregulation Since January 2017: An Interim Report, published today by the White House Council of Economic Advisors (CEA), revealed that “Twenty notable Federal deregulatory actions alone will be saving American consumers and businesses about $220 billion per year after they go into full effect.”  The report also notes that real incomes will rise by $3,100 per household per year after the regulatory actions fully go into effect (over five to ten years.)

“Regulation disproportionately impacts small businesses. Excessive regulation creates costly barriers to new business creation and investment, which hurts competitiveness, innovation and wage growth. Entrepreneurs are pleased that the Administration has taken the issue of regulatory reform very seriously. President Trump’s Executive Orders on regulation have been followed up with significant actions and rolling initiatives to streamline or eliminate costly red tape and rules that undermine small business competitiveness and success.”

Excessive and unfair regulation have been a top concern for small business owners over the past decade or more, and the findings of the CEA report, as well as the positive tailwinds provided by this new approach to regulation, have been a major boost to entrepreneurship and small business success, according to Kerrigan.

“Whether it is more abundant access to capital, more competition in the health insurance marketplace, or more resources that small business owners have to invest in their firms or employees, all of these positive outcomes are a result of the Trump Administration’s regulatory modernization and relief efforts,” said Kerrigan.

Kerrigan noted that more works needs to be done to modernize the federal rulemaking process, and SBE Council is supporting efforts in Congress to advance reforms. For example, small business regulatory reform is moving through the Senate and there are bipartisan bills in both Chambers that will improve capital formation and access by modernizing outdated securities regulation.  She also noted the need for the U.S. Senate to vote on the SBA Office of Advocacy’s Chief Counsel nominee David Tryon, whose nomination was twice voted out of the Senate Committee on Small Business & Entrepreneurship.

Regulatory reform and modernization are key priorities in SBE Council’s 2019 Agenda for Entrepreneurs and Small Business, which can be accessed here.

Contact:

Karen Kerrigan

e-mail: kkerrigan@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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