Small businesses cannot thrive if they are choked with regulations that impede their growth. A bill introduced by Representative Aaron Bean (R-FL) has recently passed the House Small Business Committee, requiring a more democratic regulatory process that allows small businesses to raise their voices before implementing new policies.
Named the "Let American Businesses be On Record" (LABOR) Act, Rep. Bean's bill would allow small business owners to speak with the Department of Labor through the Small Business Regulatory Enforcement Fairness Act (SBREFA) before new regulations are introduced so that changes can be made before their implementation and enforcement.
Currently, only OSHA (Occupational Safety and Health Administration), the Environmental Protection Agency (EPA), and the Consumer Financial Protection Bureau are required to participate in SBREFA panels, while the broader Department of Labor (DOL) is not.
This comes as Republicans on the Small Business Committee recently found that the DOL consistently violates the Regulatory Flexibility Act (RFA) by underestimating the impact of new regulations on small businesses. Many organizations do their utmost to avoid performing RFA analyses.
"On top of record-breaking inflation and workforce shortages, the Biden-Harris Administration has piled over $1.6 trillion in burdensome regulations onto the backs of America's job creators. As a former small business owner, I know firsthand the burdens small businesses face, and I will work to remove obstacles hindering growth and job creation instead of adding more. My bill will ensure Main Street has an opportunity to weigh in on new regulations before they are implemented," said Rep. Bean in his press release.
The passage of Bean's bill comes after Vice President Kamala Harris recently announced plans for a $5 trillion tax hike that promised heavy taxes on businesses. These included a rate of nearly 40% for small businesses, a corporate tax rate higher than the European Union and China at 28%, and a whopping 44.6% capital gains and dividends tax, on top of a potentially unconstitutional unrealized gains tax.
Representative Mike Waltz (R-FL) scorched these steep tax hikes in a late August appearance on Fox Business's Bottom Line as "Soviet-style, top-down overreach."
