Small Businesses Benefit from Reduced Regulatory Burden in FY 2019
Release No. 20-01 ADV
Washington D.C. — The Office of Advocacy’s efforts at monitoring federal agency compliance with the Regulatory Flexibility Act (RFA) resulted in changes to 10 specific rules that reduced the regulatory burden for small business. These changes led to $773 million in quantifiable small business regulatory compliance cost savings in FY 2019.
The Trump Administration’s continued focus on deregulation has led more federal agencies to review rules that restrict American business. The Office of Advocacy, the voice of small business in the federal government, is working to introduce small businesses’ priorities into the deregulatory process. Advocacy’s efforts to bring federal regulators and small businesses together include:
- 12 regulatory issue roundtables in Washington and 5 in other locations to provide a forum for small business concerns,
- 10 regional roundtables in 10 states, and
- 16 small business visits in 4 states to gain a better understanding of the practical issues small businesses face with regulatory compliance.
In addition, Advocacy voiced small businesses’ regulatory concerns in 22 formal comment letters to agencies.
Other deregulatory changes resulted in burden reductions which are not readily quantified. Acting Chief Counsel for Advocacy Major L. Clark said, “Advocacy is pleased with the regulatory reforms made by federal agencies during FY 2019. The changes made through the RFA have decreased the burden on small businesses, the lifeblood of the American economy.”
The Office of Advocacy’s new publication, “Report on the Regulatory Flexibility Act, FY 2019,” recounts these efforts in detail. The report is available on Advocacy’s website at https://advocacy.sba.gov/2020/05/19/regulatory-burden-reduced-for-small-businesses-in-fy-2019/.