As the overall cost of operating small businesses across the country continues to rise due to increased federal regulation, U.S. Senator Katie Britt has introduced legislation that she says could help them weather financial hardships.

“I am proud to join my colleagues in introducing this commonsense bill that will relieve small businesses already struggling with high inflation as well as the Biden Administration's red tape,” said Rep. Britt (R-Montgomery). “From entrepreneurs just starting out to long-established family-owned stores on Main Streets across our great state and nation, I will continue to work tirelessly on behalf of small businesses and the families they support.”

Compliance with the regulations will cost American small businesses an average of $14,700 per employee in 2022 (adjusted to 2023 dollars), Britt said. Small and Medium Enterprise Deregulation Act It would mitigate those costs and require the government to submit an annual report to Congress outlining the impact of regulations on small businesses.

The law specifically requires that the report be submitted within 60 days of the end of the fiscal year. The report will include regulations issued during the fiscal year preceding and following the date of the report. The regulations will be disaggregated by issuing federal agency.

Rep. Beth Van Duyne (R-Texas) introduced a similar bill in the House of Representatives last year.

Austin Shipley is a staff writer for Yellow Hammer News. You can follow him on X. @ShipleyAusten