WASHINGTON (2/5/15)--Legislation that would ensure regulatory rulemaking considers the impact on small businesses is expected to be introduced on the U.S. House floor today and has the support of CUNA.
Legislation that reduces regulatory burden or forces government agencies to take into account the ramifications of regulations is generally supported by CUNA.
The Small Business Regulatory Flexibility Improvements Act of 2015 (H.R. 527) would improve and modernize the Regulatory Flexibility Act (RFA), a 1980 law that requires federal agencies to account for the impact of regulation on small businesses. It would ensure complete analysis of potential impacts on small businesses.
CUNA, along with a variety of trade organizations from confectioners to plastics, believes the bill will improve upon the benefits the RFA brought about.
"Each agency interprets important terms in the existing statute in widely divergent ways and is able to avoid the RFA's requirements as Congress intended," reads the letter, signed by CUNA and several dozen other trade organizations. "This bill would streamline and make uniform those determinations of when the RFA would apply to a rule. Despite limited adherence by federal agencies to the RFA's provisions, the RFA has yielded billions in savings for small businesses."
The bill has 21 co-sponsors--19 Republicans and two Democrats.