UNITED STATES CONGRESSMAN GARY MILLER Proudly Serving California's 31st District

Washington, Jul 27, 2012 - Click here for entire Capitol Connection Newsletter  With millions of Americans still struggling to find work, the House acted this week to remove the yoke of red tape hanging around the neck of our nation’s job creators. Federal regulations stifle innovation and investment in our economy by increasing the cost of doing business, especially for small businesses. According to a Small Business Administration study, per employee, small businesses face regulatory costs 36% higher than large businesses. On Thursday, the House passed the Red Tape Reduction and Small Business Jobs Creation Act, which would impose a moratorium on economically significant regulations that harm the economy until unemployment reaches 6% or below.  The bill would also prevent outgoing administrations from issuing economically significant regulations following a presidential election and before the inauguration of a new president.

The Red Tape Reduction Act also streamlines the process for considering federal permits for construction projects and requires the Securities and Exchange Commission (SEC) to institute more thorough cost-benefit analyses of proposed regulations. Language authored by Congressman Miller was included in the bill to ensure that the SEC responds to public comments concerning the potential costs or benefits of proposed rules or rule changes. His language also requires the SEC to explain any changes that were made to the rule in response to the comments or why the agency did not address the cost concerns in the final rule. Congressman Miller supported this legislation because he believes real, sustainable job growth comes from the private sector, not government interference.