Small businesses are the economic engines of our communities and America, but under the regulatory onslaught of the current Administration it has only become harder to successfully start and operate them. House Republicans are continuing the fight against this disastrous regulatory regime and passed H.R. 7198, the Prove It Act of 2024, to make it easier and less costly to start a business and achieve the American dream.
This bill requires more transparency on regulatory decisions of an agency affecting small businesses under the Regulatory Flexibility Act (RFA). The RFA law requires agencies creating a new rule or regulation to determine if such new regulation will have an economic impact on small businesses. Despite the good intentions of the RFA, it has failed to achieve the objective Congress intended. Small businesses continue to pay higher costs due to new regulations coming from the Biden-Harris Administration even with the law in place. The Prove It Act further empowers small businesses to petition the Small Business Administration (SBA) to review proposed regulations and their economic impact, strengthening American innovation by providing small businesses a stronger foothold to fight burdensome regulations.
We must ensure nothing gets in the way of innovation, entrepreneurship, and competition in America.