A regulatory reform bill backed by CUNA and NAFCU passed out of the House Thursday in a 260-163 vote.
The Small Business Regulatory Flexibility Improvement Act of 2015 (H.R. 527) would expand the number of rules covered by the Regulatory Flexibility Act (RFA), which requires federal agencies to review the economic impact of their regulations on small businesses.
"Strengthening the Regulatory Flexibility Act will help to ensure that small entities have more information about how regulations will impact them and a greater opportunity to meaningfully participate in the rulemaking process," Carrie Hunt, NAFCU SVP of government affairs and general counsel, said.
According to the Congressional Budget Office, the bill requires the Government Accountability Office to report on the implementation of the legislation.
"This is an important step in the right direction, and I thank Rep. Chabot for his leadership in standing up for small businesses," CUNA President/CEO Jim Nussle said. Rep. Steve Chabot (R-Ohio) is the chief sponsor of the bill and chair of the House Small Business Committee.
The CBO estimated that implementing the bill would cost $55 million over the 2015-2020 period.
"Enacting the bill could affect direct spending by agencies not funded through annual appropriations; therefore, pay-as-you-go procedures apply. CBO estimates, however, that any net increase in spending by those agencies would not be significant. Enacting H.R. 527 would not affect revenues," the CBO's analysis said.
The National Federation of Independent Business praised the legislation.
"Small businesses know how they operate in real life and can provide feedback so that agencies achieve their goals without the unintended disruptions of overly and unnecessarily complex regulations. Focusing on simplifying the current administrative headache caused by bundles of red tape will benefit the process – and by extension all parties involved," Amanda Austin, NFIB vice president of public policy, said.
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