For Immediate Release October 21, 2014
Colorado Small Businesses and Manufacturers Discuss the Growing Burden of Federal Regulations with Congressman Tipton
New Study Finds Federal Regulations Cost the Economy $2 Trillion Annually
GRAND JUNCTION, COLORADO –The National Federation of Independent Business (NFIB) and Club 20 met with dozens small businesses and manufacturers to discuss the growing burden of federal regulations with Congressman Scott Tipton (R-3) at Leitner-Poma, a local aerial lift manufacturing company. The event explored the findings of a new national study on regulations, conducted by Lafayette College economists Nicole V. and W. Mark Crain for the National Association of Manufacturers, that found federal regulation costs the American economy $2.028 trillion in lost economic opportunity each year.
“In order to keep America competitive, we must work towards a less cumbersome federal rule-making process. Federal regulations, we can all attest, are essential to help safeguard our communities and our businesses. However, the current federal process is broken,” said Congressman Scott Tipton. “We cannot have a regulatory system that costs over $2 trillion and not expect this to impact economic growth across the country.”
According to the study, small businesses and manufacturers are disproportionately impacted by federal regulations. The average cost per employee that a small business must pay to comply with federal regulations is now $11,724 a year, while small manufacturers pay an astounding $34,671 per employee per year.
Tony Gagliardi, NFIB-CO state director, added, “Business owners from across Colorado approach me with the same story: outdated and duplicative regulations are handcuffing their ability to grow. With over 3,300 regulations in the pipeline, is it any wonder that small business owners feel their voices aren’t being heard in Washington? We applaud Congressman Tipton for understanding the regulatory burdens facing small businesses in our state and actively working to change the process.”
“The new study gives credence and a measurable proof to the growing regulatory burden manufacturers face,” said XX, president of Club 20. “These job-creators look to Washington to implement smarter regulatory policies, ensuring that our community is preserved, and avoiding roadblocks to economic growth. We need to find a better balance.”
According to Rick Spears, CEO of Leitner-Poma, “As a manufacturer in Colorado, our company takes pride in creating safe products in a safe environment. Sadly, federal rules have become an obstacle to our success. Regulations are not the problem, rather it is the arbitrary and confusing rule-making process. Regulations impact small manufacturers on a much larger scale than any reasonable person could understand, and as a result, we are left with fewer resources to grow and expand our companies.”