Small Business Regulatory Reduction Act

119th Congress Introduced by Aaron Bean and 4 co-sponsors

HR 974 reduces regulatory burdens on small businesses, streamlining compliance to boost growth, innovation, and job creation while simplifying federal oversight.

Introduced in House

Overview

The Small Business Regulatory Reduction Act (HR 974) is a legislative proposal aimed at alleviating regulatory burdens on small businesses. Introduced in the House on February 4, 2025, the bill seeks to streamline compliance processes and reduce unnecessary regulations that can hinder the growth and sustainability of small enterprises.

Purpose and Intent

The primary intent of HR 974 is to foster a more favorable regulatory environment for small businesses. By reducing the complexity and volume of regulations, the bill aims to:

Encourage entrepreneurship and innovation.

Enhance the competitiveness of small businesses in the marketplace.

Promote job creation by enabling small businesses to allocate more resources towards growth rather than compliance.

Key Provisions

While the full text of the bill is not provided, the following key provisions are typically included in similar legislative efforts aimed at regulatory reduction:

Regulatory Review: Mandates a comprehensive review of existing regulations affecting small businesses to identify and eliminate outdated or redundant rules.

Simplification of Compliance: Proposes measures to simplify compliance requirements, potentially including the establishment of a single point of contact for regulatory inquiries.

Impact Assessments: Requires federal agencies to conduct impact assessments on new regulations to evaluate their potential effects on small businesses before implementation.

Small Business Advocacy: Strengthens the role of small business advocates within federal agencies to ensure that the voices of small business owners are considered in regulatory processes.

Affected Parties

The bill primarily affects:

Small Businesses: Owners and operators of small enterprises across various sectors who face regulatory challenges.

Federal Agencies: Agencies responsible for implementing and enforcing regulations, which will need to adapt to the new requirements for regulatory review and compliance simplification.

Entrepreneurs: Individuals looking to start new businesses who may be deterred by complex regulatory frameworks.

Legislative Process

Introduced: February 4, 2025

Referred to Committee: The bill has been referred to the House Committee on Small Business for further consideration.

Companion Bill: There is a related companion bill, S 387, which is being considered in the Senate, indicating bipartisan interest in regulatory reform for small businesses.

Conclusion

HR 974 represents a significant step towards reducing regulatory burdens on small businesses, with the potential to enhance economic growth and job creation. As the bill progresses through the legislative process, stakeholders will be closely monitoring its developments and implications for the small business community.

Bill