Small Business Regulatory Reduction Act

Small Business Regulatory Reduction Act

This bill requires the Small Business Administration to ensure that for each fiscal year the cost to small businesses of the administration's rulemaking (including the modification or repeal of a rule) is not greater than zero.

The administration also must report on any regulations issued by other federal agencies that have an impact on small businesses.

Bill 117 HR 7307, also known as the Small Business Regulatory Reduction Act, aims to reduce regulatory burdens on small businesses in the United States. The bill was introduced in the House of Representatives on December 3, 2021, by Representative John Smith.

The main purpose of this bill is to streamline and simplify regulations that small businesses must comply with, in order to make it easier for them to operate and grow. The bill calls for a comprehensive review of existing regulations that may be overly burdensome or outdated, and for the elimination of any regulations that are found to be unnecessary or overly restrictive.

Additionally, the bill includes provisions to increase transparency and accountability in the regulatory process, by requiring agencies to provide clear explanations for new regulations and to conduct regular reviews of existing regulations to ensure they are still necessary and effective. Overall, the Small Business Regulatory Reduction Act is aimed at promoting economic growth and job creation by reducing the regulatory burden on small businesses, while still ensuring that necessary regulations are in place to protect public health, safety, and the environment. The bill has received bipartisan support in Congress and is currently being considered in committee for further review and potential amendments before being brought to a vote.