U.S. Rep. Blaine Luetkemeyer (R-Mo.) introduced the Regulatory Transparency for Small Businesses Act, a bill to require any proposed regulation from federal agencies to estimate the number of small businesses that would be impacted by the regulation.
The bill, HR8033, would also require the federal agency proposing new regulation to share NAICS Codes for the impacted industries, an approximate impact cost per entity, and provide the data used to produce their estimates.
“On top of record inflation, workforce shortages and more, overregulation is costing our small business communities hundreds of thousands every year,” Luetkemeyer said. “ As of 2021, the Biden Administration has issued 817 final rules costing $482.7 billion, resulting in 292.7 million hours of paperwork. Part of the problem is that agencies are not being transparent about the potential impact the rules they are passing will have. This lack of transparency has led to many overburdensome rules that have negatively impacted small businesses across the nation.”
Luetkemeyer represents Missouri's 3rd District. His previously served in the Missouri State House of Representatives where he chaired the Financial Services Committee before becoming the House Republican Caucus chairman.
Luetkemeyer currently chairs the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions. He also serves on the House Select Committee on the Chinese Communist Party and the House Small Business Committee.