Entrepreneurs from rural America today called for relief from overregulation as they shared their personal experiences with government red tape with a key Congressional subcommittee. Today's hearing of the House Small Business Committee's Subcommittee on Economic Growth, Tax and Capital Access comes as House Republicans are offering a policy agenda to reduce the regulatory burden on small businesses as part of A Better Way to Grow our Economy.
House Small Business Committee Chairman Steve Chabot (R-OH) co-chaired the House task force which crafted the plan using input from entrepreneurs across America that have shared their experiences with the Small Business Committee.
"The loss of community banks in this country due to regulatory challenges like Dodd-Frank have also hurt the rural communities served by these banks very hard," said Subcommittee Chairman Rep. Tim Huelskamp (R-KS) at today's hearing. "By understanding how small businesses can be successful in rural areas like my district in Kansas, we can not only improve the economic growth of the entire country, but create the businesses and the products of the future right at home."
Breaking the Backbone of America
"Small businesses are the backbone of America," testified Hugh Middleton, a former Navy SEAL officer and co-founder of a small mobile technology company in Flowood, Mississippi. "We create opportunity, generate jobs, invent new technology and keep the economy going. We do all of this while being over regulated, over taxed and under supported by the Federal Government. Everything from Obama Care to mountains of paperwork are hindrances to the growth and health of a small business."
"With lower taxes and healthcare costs, we could hire more people, increase salaries and bring better talent to Mississippi," Middleton added.
Rural Counties Also Paying the Price
"Federal agencies have issued an increasing number of regulations in recent years," testified Robert Boyd, the County Commissioner of Riley County, Kansas. "According to the White House Office of Management and Budget (OMB), unfunded mandates from federal rules and regulations cost local governments, our citizens and businesses between $57 billion and $85 billion a year
"Small counties have to provide the same mandatory services and comply with the same regulations as our suburban and urban counterparts do. And we must do so with limited ability to raise revenue." Boyd added.
You can read full testimony from today's hearing here and watch full video here.