Poll: Regulation Hurting Economic Growth
House Seeks Better Estimates of Regulatory Impact
(Washington, D.C.) – With the economy continuing to falter, the House of Representatives has voted for legislation to provide better information about the possible negative impact of regulations on growth. The Unfunded Mandates Information and Transparency Act requires that an independent entity such as the Congressional Budget Office estimate the cost of proposed regulations on employers and state and local government. The bill would not block new regulations – merely ensure there is an independent assessment of their effects.
According to a recent survey by the Center for Regulatory Solutions, a majority of Americans believe there are "too many" government regulations on business – and more than 60 percent think regulations hurt economic growth. A stunning 84 percent say that special interests have too much influence in shaping government regulations. Given the widespread perception that Washington is not focused on encouraging job creation, the survey suggests lawmakers should be careful not to impose costly and counterproductive rules and mandates.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"Small business owners face huge challenges in this faltering economy. Many are just trying to stay afloat while delivering quality goods and services to demanding customers. They work hard to support themselves and their families, and to ensure their employees can do the same. It is harder now than ever – and that's true for all employers, not just small businesses.
Considering all this, it can only help to have a better idea of the regulatory costs being imposed on small business. Some regulations are important and necessary, but all too often Washington piles on new mandates and costs without considering the families who may be forced out of work. This is an important reform."