Small Businesses Benefit from Reduced Regulatory Burden in FY 2021
SBA Number: 22-02 ADV
WASHINGTON, D.C.- The Office of Advocacy’s efforts at monitoring federal regulatory compliance with the Regulatory Flexibility Act (RFA) resulted in nine rules that reduced the regulatory burden for small business. These changes led to $3.277 billion in quantifiable small business regulatory compliance cost savings in FY 2021. Other regulatory changes sought by Advocacy led to burden reductions which are not easily quantified.
The COVID-19 pandemic has dramatically impacted American small businesses, making Advocacy’s efforts to reduce the regulatory burden on small entities more important than usual. As the voice of small business in the federal government, the Office of Advocacy has focused on recommending regulatory relief to aid small businesses while educating regulators on crafting rules that lower burdens on American small businesses.
Advocacy held 20 online issue roundtables over the course of FY 2021, leading to productive conversations between small businesses and federal regulators. In addition, Advocacy sent 17 formal comment letters to federal agencies, making small business concerns clear in the rulemaking process.
Deputy Chief Counsel Major L. Clark said, “Advocacy is proud of our efforts to aid small businesses during the COVID-19 pandemic. The changes made by federal rulemakers during FY 2021 have decreased the burden on small businesses when they need it the most.”
The Office of Advocacy’s new publication, “Report on the Regulatory Flexibility Act, FY 2021,” is now available.
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel’s efforts. For more information on the Office of Advocacy, visit https://advocacy.sba.gov/, or call (202) 205-6533.
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