A Regulatory Environment that Fosters More Small Business Growth and Job Creation
by Karen Mills, Former SBA Administrator
- Created: January 24, 2011, 9:36 am
- Updated: May 16, 2011, 5:38 pm
Now more than ever, the government must work to ensure that we have a regulatory environment that encourages and supports entrepreneurs and small business owners who want to grow, create jobs, and continue leading our economic recovery. That means we need to take a hard look at regulations – both new and existing – to ensure that they aren’t a burden on small businesses, and to make changes as necessary.
There are a number of ways agencies can ease regulatory burdens on small businesses. They can extend compliance deadlines for small businesses. They can allow more online filing of forms. They can create different, more achievable requirements for small firms. And sometimes, they can exempt small firms altogether.
Also, when agencies think about implementing a new rule, the President has now ordered them to give serious consideration as to what impact the new rule might have on small businesses ability to grow and innovate. And if an agency does not provide flexibility to small businesses when they have opportunity to do so, the President is now mandating that they explain why not.
This is part of a larger effort that will help ensure that the regulatory process is more transparent, coordinated, and simplified. For example, there will be a government-wide effort to remove outdated regulations and clarify those that overlap. In addition, agencies will work to simplify existing rules, identifying places where we can ease burdens and help strengthen entrepreneurship.
That’s good news for entrepreneurs and small business owners who don’t have the time or resources to wade through rules that can sometimes be complex or confusing. The new approach will also give small businesses more opportunities – including online tools – to speak up when they see a proposed rule that could hurt their business.
Overall, as the President said, we need to “make it our mission to root out regulations that conflict, that are not worth the cost, or that are just plain dumb.”
Through the federal government’s new focus on this critical issue, we can help reinvigorate America’s entrepreneurial spirit while preserving a common-sense approach to regulations that could impact small business owners. In turn, we can free them to do what they do best: move our economy forward.
About the Author
Karen Gordon Mills is the Former Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.
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