WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) released the following statement on the passage of H.R. 527, the Regulatory Flexibility Improvements Act. This bipartisan bill strengthens the Regulatory Flexibility Improvements Act of 1980 by requiring more rigorous cost assessments of new regulations from the Administration on small businesses and gives small businesses a greater role in shaping the regulatory process.
“With more than 14 million people out of work, I am committed to improving the environment for small businesses so they can grow and hire. This bill provides a much-needed update to existing law, and check on the Administration, by giving small businesses the opportunity to participate in the regulatory process and requiring agencies in Washington to assess the cost of new regulations. I thank Chairman Lamar Smith and Chairman Sam Graves for their efforts to provide regulatory relief for small businesses. For months, President Obama has talked about improving the regulatory environment in this country, and I hope he will support this bipartisan, common sense bill to help small business owners create jobs and expand their businesses.”
This legislation is supported by the National Federation for Independent Business to ease burdens on small businesses and implement common sense reforms to the federal rulemaking process.