The next four years could bring a tidal wave of costly federal regulations impacting U.S. businesses and consumers, according to new analysis by the National Federation of Independent Business’ coalition, Small Businesses for Sensible Regulations. There are currently 4,128 federal regulations in the pipeline which, if implemented, will impose costs of more than $515 billion on the U.S. economy.
“We must address the damage this administration is doing if we are to create jobs and growth,” said Bill Herrle, NFIB/FL Executive Director. “With Florida’s unemployment around 8.6%, our economy doesn’t need more costly new federal regulations that will further stall economic recovery. Washington needs to do a better job enforcing regulations that are already on the books.”
NFIB/FL is part of a nine-state education campaign focused on elevating the stories of its small business members in the media and through local events to educate the public about the impacts these regulations could impose on small business growth. The other eight states involved with this campaign are as follows: Colorado, Iowa, Missouri, North Carolina, Nevada, Ohio, Pennsylvania, and Virginia.
Because of the current regulations in the pipeline, Florida could see an impact on major industries- like manufacturing, construction and others – that collectively employ 954,383 people and contribute over $90 billion to the Florida economy annually.
“In order to help Florida small businesses, we need sensible, clear, and fair regulations. This will us allow us to hire and invest, which will strengthen America’s economy,” said Jerry Pierce, owner of Orlando based small business, Restaurant Equipment World.
Poll after poll demonstrates that regulatory burdens are a top reason why small businesses are not hiring at pace with previous years. In fact, a Gallup poll earlier this year found 85 percent of small businesses surveyed weren’t hiring and about half cited government regulations as the principal reason.