U.S. Reps. Young Kim (R-CA) and Blaine Luetkemeyer (R-MO) recently forwarded correspondence to the Securities and Exchange Commission (SEC), noting the agency should consider how regulations may impact small businesses and entrepreneurs.
The legislators cited a Securities Industry and Financial Markets Association (SIFMA) report detailing that the SEC has proposed 33 major new rules in the past year – almost tripling the average since 2012 while preparing to release at least another 18 guidance measures in the next year.
“Small businesses are bearing the brunt of record-high inflation, supply chain issues, and labor shortages. The last thing they need is more burdensome regulations that hurts their ability to meet their bottom line,” said Kim, ranking member of the House Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development. “Policies from Washington should make life easier for Americans, not harder. I’m proud to join Ranking Member Luetkemeyer in urging for common sense, and I will keep fighting to get our economy back on track and ensure entrepreneurs can achieve their dream.”
The lawmakers maintain that the SEC has not conducted the required economic impact analysis regarding how each new rule would impact small businesses.
“As Ranking Member of the House Committee on Small Business, it is my responsibility to the American taxpayer and America’s small businesses to implement proper oversight to ensure transparency from Washington,” Luetkemeyer said. “These letters are intended to ensure the Biden Administration is properly and appropriately implementing laws designed to safeguard the interests of small businesses in the regulatory process. Burdensome regulations and a one-size fits all regulatory approach should not be forced upon Main Street without fully taking into account the interests of American small businesses.”