Reed: Bill would help small businesses

Staff reports

U.S. Rep. Tom Reed said legislation recently passed by the House would help small businesses and make Congress accountable for new regulations.

The Regulations from the Executive In Need of Scrutiny Act (REINS) would reduce regulation on small businesses, Reed said.

Regulations cost businesses about $1.75 trillion annually, according to the Small Business Administration. Small businesses spend an estimated $10,500 per employee to comply with federal regulations. Compliance leads to higher consumer costs, reduced wages and even reduced hiring, Reed said.

“When we visit small businesses around the district, we constantly hear stories of how regulations are strangling their businesses,” Reed said. “Small businesses are the primary job creators in places like upstate New York.”

The REINS Act requires congressional approval for new regulation. This would prevent agencies from pursuing regulations, such as the recent proposal to declare spilled milk as hazardous waste, beyond the authority granted them by Congress, Reed said.

Reed said of the currently proposed 4,225 new federal regulations, 224 are major rules with at least $100 million in economic impact.

“The REINS Act will make elected officials, instead of unelected bureaucrats, accountable for approving or disapproving new regulations,” Reed said. “That is good government as citizens have a way to hold our feet to the fire.”

The bill must be passed by the Senate.