Among the things that can have major implications for small business owners are what sort of federal regulations are out there. For one, this can impact what kind of federal compliance issues are big ones within the industry their business operates in. It can also impact how much in time, energy and resources a business needs to put towards staying in compliance with federal rules.
A bill that is in Congress aims to put a bigger focus on considering potential impacts to small businesses in the federal regulatory process. The bill is called the Small Business Regulatory Flexibility Improvements Act of 2017.
The bill would make reviewing total potential impact on small businesses a requirement for federal agencies when it comes to regulations. It would also close some loopholes to previous regulatory reform laws.
The bill was recently cleared by the Senate Homeland Security and Governmental Affairs Committee.
If the bill ultimately clears Congress and is signed into law, one wonders if it would have big impacts on what kind of regulatory framework small businesses end up navigating at the federal level.
Now, federal regulations are far from the only ones that can impact small companies in substantial ways. So too can state and local business rules. So, there can be a lot of key rules and regulations for a business to keep track of. Making sure one has a clear picture of what regulatory framework applies to their business and what staying in compliance with such rules involves can be a very important part of the startup process for an owner of a new business.
Source: Small Business Trends, “Small Business Regulatory Reform Bill One Step Closer to Reality,” David William, May 21, 2017