Sen. Rubio Introduces National Regulatory Budget

March 26, 2014

stk318013rknOn Tuesday, March 25, Sen.  Marco Rubio (R-Fla.) introduced the National Regulatory Budget Act of 2014. NSBA played a critical role in developing the idea of a National Regulatory Budget and is an ardent supporter of its aim to ensure fairness and commonsense in the federal regulatory process. NSBA is urging lawmakers to register their support for the legislation.

“I applaud Sen. Rubio for his leadership in bringing this idea to fruition,” stated NSBA President and CEO Todd McCracken. “Regulatory burdens are regularly ranked among the top challenges facing America’s small businesses, and this legislation will take significant steps toward reducing that burden.”

According to a September 2010 study from the U.S. Small Business Administration’s (SBA) Office of Advocacy, the total estimated cost of federal regulations in 2008 was more than $1.75 trillion or roughly 12 percent of GDP. The National Regulatory Budget Act of 2014 would impose strict, enforceable constraints on the ability of the federal government to impose regulatory costs on the American public. By requiring regulators to assign a cost to all regulations and then stay within a Congressionally-determined “regulatory budget,” federal agencies will no longer be insulated from the massive burden posed by onerous regulations.

“The regulatory budget will help federal regulators to run their shops the way any small-business owner would – by prioritizing regulations that produce the most benefit for the lowest regulatory cost,” stated NSBA Chair Jeff Van Winkle of Clark Hill in Grand Rapids, Michigan. “Simply put: quality over quantity.”

Regulatory reform has been voted a top priority of NSBA for the 113th Congress. NSBA and its 65,000 small-business members across the country thanks Sen. Rubio and his staff for their dedication to this important issue.

Please click here to read NSBA’s letter of support for the National Regulatory Budget Act of 2014.

Please click here for more details from Sen. Rubio on the National Regulatory Budget Act of 2014.

Please click here for NSBA’s detailed issue brief calling for a national regulatory budget.