The House Small Business Committee on Tuesday advanced legislation to strengthen federal standards that require regulatory agencies to consider the economic effects of regulation on businesses. The committee voted 13-11 to advance the Prove It Act (H.R. 7198), which would increase small business input in the regulatory process and strengthen protections for small businesses that were established through the Regulatory Flexibility Act.
The American Bankers Association joined the National Federation of Independent Business and 48 associations last week in urging committee members to advance the Prove It Act during the committee’s legislative markup.
“Over the last three and a half years, more than $1.6 trillion in new regulatory costs and almost 300 million new paperwork hours have been imposed on the private sector,” the associations said in a joint letter. “These new burdens fall disproportionately on small businesses that do not have lawyers and compliance officers to navigate complex regulatory issues.”
