In the first 100 days of the Trump administration, manufacturers have seen many actions from President Trump to provide regulatory relief. Now, there’s good news coming from the Senate as well. Senators Rob Portman (R-OH) and Heidi Heitkamp (D-ND) have released the Regulatory Accountability Act, which, in their words is “designed to make federal regulations smarter and more effective so they better support businesses, families, and jobs by modernizing the federal regulatory process that hasn’t been significantly reformed in 70 years.”
Indeed, this is the kind of bipartisan approach to regulatory reform that manufacturers have been advocating for years. Among its key provisions are cost-benefit analysis, greater transparency, an automatic review process and evidenced-based rulemaking.
The NAM has outlined our priorities for regulatory reform in our “Competing to Win” agenda, and we’re glad to see senators take up many of our top priorities. If we can get such a comprehensive regulatory reform bill through Congress and to President Trump’s desk, manufacturers across this country would be empowered to create jobs and invest in their communities.
Right now, manufacturers are subject to 297,696 restrictions and rules from federal regulations. The annual compliance costs can total almost $35,000 for a small manufacturer. That need to change, and the Portman-Heitkamp bill is a step in the right direction.
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