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U.S. Chamber CEO in WSJ: Cut Red Tape to Empower Americans
“We now have the biggest opportunity to cut regulatory red tape in more than 40 years,” U.S. Chamber President and CEO Suzanne P. Clark wrote in an op-ed this week in the Wall Street Journal.
Why it matters: “The Biden administration has implemented new rules that will ultimately cost the economy a total of $1.4 trillion, according to a report by the American Action Forum,” Clark wrote. “Business owners and leaders in every industry feel the pain of bureaucratic micromanagement. Consumers and employees experience it in the form of higher prices, lower wages, and fewer jobs.”
Here’s what the 119th Congress and the new administration can do to reverse the government micromanagement of business decisions.
- The Congressional Review Act allows Congress to overturn recently issued agency regulations. “While in office, Mr. Trump and the Republican Congress used it on 16 rules. This time, there will be more than 56 regulatory actions recent enough to be repealed,” wrote Clark.
- The Administration may have to go through the rulemaking process for other regulations. “The Trump team was successful at this during its first term, but it will be harder this time given the sheer quantity of rules,” Clark wrote. “The new administration will need to prioritize those that are hindering growth.”
What we’ve done: As federal agencies have pursued aggressive policy changes through regulation during the Biden Administration, the Chamber has leveraged its litigation expertise to successfully counter them.
- “We secured a recent victory against the Federal Trade Commission’s ban on noncompete agreements, and we have lawsuits pending against the Securities and Exchange Commission’s climate disclosure rule, the Consumer Financial Protection Bureau’s credit-card late-fee rule and others,” Clark wrote.
Bottom line: “Deregulation rips economic power out of the hands of those who didn’t earn it and don’t know how to wield it,” Clark wrote. “It gives power back to consumers, workers, and business leaders.”
This will mean more innovation, higher wages for workers, lower prices for families, and a stronger, faster-growing economy for all Americans.
TOP OF MIND: SHOP SMALL THIS HOLIDAY SEASON
Support Small Businesses During the Holidays
Small Business Saturday is November 30. By encouraging Americans to support small businesses, the day infuses money into local economies, promotes vibrant and diverse communities, and celebrates the important role of small businesses in the national economy.
Why it matters: There are 33.2 million small businesses in the U.S., making up 99% of all businesses. They account for roughly 40% of the U.S. economy.
This year, the U.S. Chamber Foundation has partnered with American Express on a Small Business Hurricane Recovery grant program to support small businesses impacted by Hurricanes Helene and Milton. American Express will donate $1 for every purchase made on an American Express Card at a qualifying U.S. small business on Small Business Saturday.
What we’re doing:
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