Senator James Lankford (R-OK) has introduced The Small Business Regulatory Flexibility Improvements Act of 2017 aimed at streamlining and improving the regulatory process for American small business.
Co-sponsored by Senators Chuck Grassley, who is chairman of the Judiciary Committee, and Jim Risch, chairman of the Committee on Small Business and Entrepreneurship, the bill seeks to prioritize the needs of small businesses with passage of any new regulations that might impact them.
“Small businesses are responsible for nearly two-thirds of the job growth in America, so it is important that Washington fully analyzes regulatory impacts on small businesses before a rule is finalized,” said Lankford in a release from his office on the new bill.
“This bill is desperately needed because federal agencies frequently use loopholes in the process to avoid the full economic analysis of a proposed regulation on small businesses. The Small Business Regulatory Flexibility Improvements Act will ensure that the needs and priorities of small business are fully taken into account early in the rule making process.”