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“Overregulation is costing this country almost $1.75 trillion per year,” stated Westmoreland. “The REINS Act is a simple way to curb some of the more costly regulations being dumped on small businesses by the Obama Administration by requiring congressional approval on the more costly proposals. In 2011 alone, President Obama’s administration is expected to propose more than 200 regulations that cost over $100 million each. That’s a more than $20 billion drain on our economy.”
A recent Gallup poll of small business owners found the most important problem they are facing is complying with government regulations. That beat out issues like lack of credit availability and consumer confidence. The REINS Act is expected to help alleviate some of that concern by halting the extremely costly overregulation of small businesses.
We have got to do something to turn off the regulation spigot that’s dumping out thousands of duplicative and unnecessary federal regulations each year,” stated Westmoreland. “Small businesses are the engine of our economy, creating 65 percent of new jobs over the past 17 years. As our unemployment rate continues to remain above eight percent, we need these small businesses to help put Americans back to work. The REINS Act will help to curb overregulation, freeing up small businesses so they can reinvest in our economy, expand their operations, and create jobs.”
The Gallup poll can be found at: http://www.gallup.com/poll/150287/Gov-Regulations-Top-Small-Business-Owners-Problem-List.aspx. The legislation passed and has been sent to the Senate for consideration.