Rep. Tom Graves (R-Ga.-09) released the following statement Thursday, after voting for H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act.
H.R. 4078 imposes a freeze on economically significant regulations that harm the economy until unemployment reaches 6% or below. The legislation also permanently prevents “lame duck” administrations from issuing economically significant regulations. The volume of regulations by an outgoing administration has averaged 17% higher than the number of rules issued at the same time in other years. And, it requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to conduct a cost-benefit analysis on proposed regulations.
“If we want to create jobs in America, we need to help the job creators," Rep. Graves said. "The Obama Administration has weighed down entrepreneurs and small business owners with burdensome regulations. There’s been a 23% decline in startup businesses in America during the last three years, so clearly it’s time to go in a different direction to help the economy. This bill cuts the red tape gumming up America’s job creators and preventing them from expanding their businesses and hiring more workers. Business owners are telling us loud and clear what they need to succeed -- and that’s for the federal government to get out their way.”
H.R. 4078 also streamlines the process of issuing federal permits for construction projects. The U.S. Chamber of Commerce discovered more than 350 energy projects that were stalled by red tape, which, if removed, could generate a $1.1 trillion boost to the economy and create 1.9 million jobs during construction. Last October, President Obama’s Jobs Council recommended the federal permitting process be streamlined. The President has not met with his Jobs Council in six months, it has been reported.