Washington, DC – This week, U.S. Representative Young Kim (CA-39), Ranking Member of the House Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development, joined House Small Business Committee Ranking Member Blaine Luetkemeyer (MO-03) in a letter to urge the U.S. Securities and Exchange Commission (SEC) to ensure it considers how new regulations may impact small businesses and entrepreneurs.
According to Securities Industry and Financial Markets Association (SIFMA), the SEC has proposed 33 major new rules in the past year, nearly triple the average since 2012, and is preparing to release at least another 18 in the next year. Unfortunately, the SEC has not conducted required economic impact analysis on how each new rule would affect small businesses.
Rep. Kim also joined her Small Business Committee Republican colleagues in sending similar letters to agencies across the administration regarding implementation of the Regulatory Flexibility Act (RFA), Small Business Regulatory Enforcement Fairness Act (SBREFA), and Executive Order 13272 as part of the Committee’s ongoing work to conduct oversight of small business concerns.
“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 Rep. Kim. “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.”
“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. 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,” said Ranking Member Luetkemeyer. “Small businesses are already struggling under Biden’s reckless spending fueled inflation crisis. The last thing they should be doing is implementing more government red-tape.”
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