U.S. Sen. Rick Scott (R-Fla.) called on Congress to pass a package of legislation aimed at reducing federal regulations and easing operating conditions for small business owners and entrepreneurs.
The legislative package includes seven distinct bills targeting regulatory procedures, federal permitting transparency, and small business lending rules:
The Destroying Unnecessary, Misaligned, and Prohibitive (DUMP) Red Tape Act directs the Small Business Administration’s (SBA) Office of Advocacy to maintain the Red Tape Hotline, an online platform where small businesses can submit complaints regarding federal regulations and policy directives.
The Small Business Regulatory Flexibility Improvements Act mandates that federal agencies assess the economic impacts of proposed rules on small enterprises and provide formal evaluations of alternative regulatory options to mitigate potential adverse financial effects.
The Permitting Transparency and Accountability Act directs federal agencies that issue permits to establish online tracking systems allowing applicants to monitor application progress, view outstanding steps, review projected timelines, and access direct contact information.
The Regulatory Decimation Act establishes a requirement that federal agencies repeal 10 existing regulations before introducing a new one, while requiring that the cost of any new rule does not exceed the total cost of the repealed rules.
The Regulations from the Executive in Need of Scrutiny (REINS) Act requires federal agencies to obtain formal approval from Congress before enacting any major federal rule or regulation.
The Expediting Reform and Stopping Excess Regulations (ERASER) Act bars federal agencies from issuing a major rule unless at least three existing rules are repealed, with certification from the Office of Information and Regulatory Affairs confirming that the cost of the new rule remains equal to or lower than the repealed measures.
The Protecting Access to Credit for Small Businesses Act seeks to protect community banks and credit unions by rescinding an administrative lending rule that allowed direct federal competition in certain small business loan programs.
In his statement announcing the legislative push, Scott criticized current political opposition and outlined his rationale for reducing administrative oversight.
“Today’s Democrat Party is unrecognizable. My father was a teamster; Democrats used to believe in what makes America the greatest country in the world. Now, they want to open government-run grocery stores and bankroll illegal aliens,” Scott said. “The American Dream works when the government gets out of the way and lets Americans innovate and succeed. Congress should immediately pass these bills to remove bureaucratic hurdles that discourage Floridians from opening small businesses. We should be encouraging the American Dream, not sabotaging it.”
READ: Louisiana Sen. Bill Cassidy Urges Congress To Lead Long-Term Trade Strategy Against China
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