Representative Jeff Crank (CO-05) has voted in favor of two legislative measures aimed at reducing regulatory burdens for small businesses. The Destroying Unnecessary, Misaligned, and Prohibitive (DUMP) Red Tape Act and the Small Business Regulatory Reduction Act were both designed to address concerns from business owners about federal regulations.
The DUMP Red Tape Act establishes a direct line for small businesses to report regulatory challenges to the Small Business Administration (SBA) Office of Advocacy. The act also requires that the SBA Advocacy office submit an annual report summarizing feedback collected through this hotline.
The Small Business Regulatory Reduction Act mandates that any new SBA regulations must not increase costs for small businesses.
“It is imperative that we make it easier for small businesses to grow and thrive in our communities,” said Rep. Jeff Crank. “These two bills will ultimately set up our local Colorado businesses to cut through red tape and ensure no business owners are burdened with extra costs that come with new rules coming out of Washington, DC.”
According to information included with the legislation, recent years have seen a significant rise in regulatory costs. The Biden-Harris administration reportedly increased regulatory expenses on businesses by $1.8 trillion, which coincided with high inflation rates across the U.S. In response, President Trump issued Executive Order 14192, “Unleashing Prosperity Through Deregulation,” as part of efforts to reduce such burdens on American companies.
Supporters of the legislation argue that these changes are necessary so Main Street and local businesses can continue to operate without facing additional financial strain due to new government rules.
