EXCLUSIVE — Sen. Joni Ernst plans to introduce a bill on Wednesday aimed at helping small businesses hold federal agencies accountable when it comes to newly instated regulations on direct and indirect costs.
In April, the American Action Forum found that federal agencies published $43.4 billion in total costs and added 1.8 million hours of annual paperwork burden hours on small businesses. Forty-eight total regulations were installed, the most notable coming from the Environmental Protection Agency for its regulation on greenhouse gas emissions standards for heavy-duty vehicles.
"Now, over 40 years later, the Act is hardly taken seriously. Currently, the RFA’s requirements may politely be deemed a mere formality; more accurately, a paper tiger," the report stated.