|THE SCHOCK REPORT|
Today, the House voted on the Red Tape Reduction and Small Business Job Creation Act, H.R. 4078.
I am a strong supporter of this legislation because I believe that the unprecedented amount and impact of the federal regulations being handed down by un-elected bureaucrats is damaging private-sector job creation and economic growth.
When I visit with small business owners in my district, I consistently hear that economic uncertainty and costly and burdensome regulations are the biggest obstacles keeping them from hiring new workers and expanding their businesses.
H.R. 4078 stems the flow of costly regulations and imposes a freeze on economically significant regulations that harm the economy until unemployment reaches six percent or below. By one estimate, this freeze could save at least $22.1 billion and thousands of jobs.
Since 2009, the Administration has under review over 400 regulations classified as "economically significant" which is defined, according to the Wall Street Journal, as likely to have an annual effect on the economy of $100 million or more or adversely affect in a material way the economy.
In 2012, the Federal Register - where regulations are published - has run 41,662 pages. These regulations that have been published would cost $56.6 billion and result in paperwork that would take 114.1 million hours to complete, or over 13,000 years working 24 hours a day and seven days a week.
The bottom line is that hundreds of these regulations that continue to be added to the Federal Register by bureaucrats in Washington are acting like anchors that continue to drag our economy down. H.R 4078 is another tool to help encourage private-sector job creation and economic growth.
To learn more about the Red Tape Reduction and Small Business Job Creation Act, and learn more about the impact of Federal Regulations click on the chart in the middle of this email.
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