Joco Today

On May 23, 2024, U.S. Senator Roger Marshall, M.D., introduced the Small Business Regulatory Reduction Act in Washington, D.C. The proposed legislation aims to alleviate the financial burden that federal regulations impose on small businesses. According to data from 2022, compliance with these regulations cost American small businesses an average of $14,700 per employee annually.

The bill requires the Administration to submit an annual report to Congress detailing the impact of regulations on small businesses. It is cosponsored by Senators Britt (R-AL), Braun (R-IN), Budd (R-NC), and R. Scott (R-FL).

“Washington D.C.’s top-down regulatory approach hurts our small businesses – the backbone of our economy – the most,” Senator Marshall stated. “Main Street merchants are constantly under attack from this Administration’s onslaught of regulations and jumping through unnecessary and costly hoops to provide services to our communities.”

Senator Britt expressed her support for the bill: “I’m proud to join my colleagues in introducing this common sense legislation to alleviate burdens on small businesses, who already have to contend with persistently high inflation on top of the Biden Administration’s red tape regime.”

Senator Braun emphasized the need for regulatory relief: “We need to cut burdensome regulations on small businesses in order for Main Street to thrive. I’m proud to join Sen. Marshall on this bill.”

Senator Budd added, “The SBA’s fundamental purpose is to empower America’s small businesses, not add regulatory burdens. I’m proud to join Senator Marshall’s commonsense bill.”

Congresswoman Beth Van Duyne (R-TX) partnered with Senator Marshall and introduced similar legislation in the House last year. She remarked, “Small businesses in North Texas and millions of entrepreneurs across the country are getting crushed by bureaucratic red tape and more than $1 trillion in new regulatory costs."

The proposed legislation draws inspiration from a Trump Administration policy that required agencies to repeal two regulations for every new one created—a policy repealed by the Biden Administration in 2021.

You may click HERE to read Senator Marshall’s full bill.