WASHINGTON, Feb. 14, 2012 /PRNewswire-USNewswire/ -- In fiscal year 2011, the Office of Advocacy saved small businesses $11.7 billion in first year regulatory costs and $10.7 billion in annually recurring costs by helping federal agencies comply with the Regulatory Flexibility Act (RFA). Advocacy's Report on the Regulatory Flexibility Act, FY 2011, released today, documents federal agency compliance with the RFA and Executive Order 13272. These provisions require agencies to review the effects of their proposed regulations on small entities and to examine alternatives that would minimize the small entity impacts while still meeting the regulations' purposes.
"As a former entrepreneur, I can attest that small firms are in a better position to grow, innovate, and create jobs when regulations are less burdensome," said Chief Counsel for Advocacy Winslow Sargeant. "Federal agencies that work with Advocacy to use the RFA effectively write rules that are better for small entities and the economy while still meeting the statutory goals the regulations were designed to carry out."
In FY 2011, the Office of Advocacy reviewed hundreds of regulations to assess RFA compliance. To solicit the views and comments of small-entity stakeholders, the office convened roundtables on a broad range of issues, from hours of service for truck drivers, to work-related musculo-skeletal injuries, to chemical risk assessments. Other highlights of Advocacy's efforts include:
- Submitting more than 50 public comment letters to federal agencies on regulatory proposals,
- Participating or planning to participate in 13 Environmental Protection Agency small business advocacy review panels, and
- Providing training in RFA compliance to regulatory staff at federal agencies including the new Consumer Financial Protection Bureau.
The Office of Advocacy bases its cost savings primarily on agency estimates. Cost savings for a given rule as a result of Advocacy's intervention are captured in the fiscal year in which the agency takes final action on the rule. The full annual report is on the Advocacy website: http://www.sba.gov/advocacy.
The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. The presidentially appointed and Senate confirmed Chief Counsel for Advocacy advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policymakers. Regional advocates and an office in Washington, D.C., support the Chief Counsel's efforts. For more information, visit http://www.sba.gov/advocacy, or call (202) 205-6533.
CONTACT: Patrick Morris, +1-202-205-6941, email@example.com
SOURCE The Office of Advocacy of the U.S. Small Business Administration (SBA)