In the United States, the national economy and housing market are tied closely together, and according to one industry group, strict small-business regulations are having a negative impact on both of them.
The National Association of Home Builders recently testified before the Housing Small Business Committee’s Subcommittee of Investigations, Oversight and Regulations to express the federal government’s need to support small businesses.
“Federal agencies often view compliance as largely a procedural function during the federal rule-making process and not – as Congress intended – an opportunity to reduce the burden of regulations on small businesses,” said Carl Harris on behalf of NAHB.
Under the proposed changes, NAHB said legislators should be required to thoroughly assess how new regulations will specifically impact small business and consider alternatives.
A number of companies, lobbyists and industry groups have addressed lawmakers in recent months in an attempt to get small business regulation and compliance rules reduced. Should these recommendations go into effect, there could be a spike in small business creation and expansion in the near future, resulting in an increase need for small business insurance.