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House Passes Small Business Regulatory Flexibility Improvement Act
Tuesday, February 10, 2015 6:40 AM

Credit Union National Association reported that a bill that would force regulators to take into account small businesses during the rulemaking process was passed Thursday by the U.S. House by a vote of 260-163.

The Small Business Regulatory Flexibility Improvement Act of 2015 (H.R. 527) is supported by CUNA, who along with a broad coalition of trade organizations, signed a letter of support for the bill Wednesday. The bill requires federal agencies to better assess the impacts of their regulations on small business and to look for ways to reduce unnecessary burdens and design less onerous rules.

"It only makes sense that those imposing regulations in Washington would be mandated to communicate better with the small business community and actively search for ways to reduce unnecessary regulatory burdens," said Rep. Steve Chabot (R-OH), the chief sponsor of the bill and chair of the House Small Business Committee.

CUNA reports that the bill would modernize a 1980 law, the Regulatory Flexibility Act (RFA), which the Small Business Administration estimated saved small businesses $4.8 billion in fiscal year 2014 alone. The RFA does not cover all rules that impact small businesses, since the businesses affected are not directly regulated entities.