In recent years, small business’ ability to grow has been threatened by a rising number of burdensome regulatory requirements handed down by Washington. Since 2009, there has been a 44 percent increase in the number of federal regulations defined as “economically significant,” each costing the economy $100 million or more. Today there are 3,305 federal regulations in the pipeline. Among them proposals to expand overtime eligibility. The estimated cost of compliance with federal regulations in 2013 alone tallied $112 billion, resulting in more than 67 million hours of paperwork.
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Small-business owners are fighting a tidal wave of regulations—when all they want is to run their business. Before adding additional layers of regulation, it is important to ensure the integrity of the regulatory process, which will give small businesses the certainty they need to expand and create jobs.
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