Report: Owners Spared Billions in Regulatory Costs
Feb. 26, 2007 -- Legislation requiring federal agencies to consider the impact of proposed regulations on small businesses saved owners as mush as $7.2 billion in compliance costs last year, a report by the Small Business Administration's Office of Advocacy said Monday.
The Regulatory Flexibility Act of 1980, which is monitored by the Office of Advocacy, requires federal agencies to seek alternatives to proposed regulations aimed at minimizing the impact on small business, while still meeting their policy objectives.
"When regulators listen to the voice of small business, agencies can finalize regulations while minimizing the cost of new mandates," Thomas Sullivan, chief counsel for the agency, said in a statement. "By taking into account the concerns of small business, regulators are able to avoid the one-size-fits-all mentality that for years has disproportionately burdened small business."