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Congressman Bob Latta (R-Bowling Green) today voted in favor of two bills – the Regulatory Flexibility Improvements Act, H.R. 527 and the Regulatory Accountability Act, H.R. 3010 – that will reform and minimize regulations that stifle economic growth.

“One of the main concerns that worries businesses in the Fifth District are burdensome regulations,” said Rep. Latta. “Job creators tell me many regulations are overreaching and impose excessive costs on their ability to create more jobs. In the midst of the worst economic conditions in decades, it is vital we rein in the amount of regulations Washington is creating on America’s small business creators,” added Rep. Latta.

After the vote, Dan Danner, president and CEO of National Federation of Independent Business (NFIB) praised Rep. Latta for his commitment to bring greater accountability into the federal rulemaking process.

“This bill improves transparency and gives small businesses a greater stake in the regulatory process, and I thank Congressman Latta for his vote in support of these common-sense reforms,” said NFIB President and CEO Dan Danner.

A recent study by the Small Business Administration found that annual regulatory compliance costs in the United States cost the American economy $1.75 trillion in 2008.

Legislative Summary

 H.R. 527: The Regulatory Flexibility Improvements Act

• Amends the Regulatory Flexibility Act and the Small Business Regulatory Enforcement Fairness Act to curb costs and overreach.
• Closes loopholes in those laws, which ensures that agencies will fully account for the effects of new regulations on small businesses before they adopt them.
• Strengthens requirements that agencies review and improve existing regulations to lower the burden on small business.
• Enhances the Small Business Administration’s ability to comment on and help shape major rules, assures uniform implementation of the law across all agencies and improves judicial review.

H.R. 3010: The Regulatory Accountability Act

• Amends the Administrative Procedure Act to include strong cost-benefit, transparency and accountability requirements.
• Requires agencies to assess the costs and benefits of regulatory alternatives. Unless interests of public health, safety or welfare require otherwise, agencies must adopt the least-costly alternative that achieves the regulatory objectives Congress has established.
• Increases the transparency of the rulemaking process with more advance notices of proposed rulemaking, more opportunities for public comment and more opportunities for public hearings. This will lessen the influence of all special interests.