How Much Do Federal Regulations Cost You? It’s Time To Tell Your Story
According to the National Association of Manufacturers (NAM), federal regulations cost small manufacturers—those with fewer than 50 employees—nearly $35,000 each year per employee, resulting in less money for those companies to invest in research and development, to build new facilities or to hire more employees.
The federal government can fix this problem by providing transparency, accountability and honest evaluations of how much regulations will cost small businesses.
To build the case for these types of reforms, last week MSCI’s partners at NAM and the Small Business and Entrepreneurship Council, along with the International Franchise Association and Women Impacting Public Policy, launched a project called “Rethink Red Tape.” The campaign’s objective is to highlight the challenges regulations pose to small businesses and small manufacturers, and to empower entrepreneurs, small business employees and others to advocate for reforms that lead to smarter regulations that help small businesses thrive.
If small businesses tell their stories, it’s easier to make a strong case to lawmakers for reform. If MSCI members have a story about how inefficient and poorly designed regulations, reporting requirements or other government mandates have impacted their businesses, they can tell their story at this website. The NAM and its partners will use these stories to engage lawmakers in Washington on the challenges small businesses face and how the inefficient federal regulatory system affects companies’ ability to create jobs, provide expanded benefits for employees or further invest in their companies.