The Connecticut House Commerce Committee met this week to hear testimony on HB 5930 An Act Requiring Small Business Analysis for Proposed Regulation. Representative Diana Urban, a strong voice for small business in the state as well as trade groups and individuals, voiced her support.
The proposed legislation would require that a state agency, prior to adopting a new regulation, complete an economic impact analysis. Several of those who testified noted that this legislation would afford small businesses the opportunity to “weigh-in” on proposed regulations. Lisa Hunter, Executive Director for the Independent Electrical Contractors, noted that “too often, we are unaware of how regulation will impact us until we are facing deadlines and have to scramble to comply or face penalties. House Bill 5930 will help address these concerns and improve our business climate.”
Using a recent regulatory change from the agenda of the Connecticut Legislative Regulation Review Committee, Representative Urban provided a Small Business Impact Analysis Template. The simple four-step process she presented demonstrated how an agency can determine an economic impact estimate of a proposed regulation in simple understandable terms. Her proposal lets those of us without an accounting degree understand what the cost is going to be in plain terms.
— Chris Monica