Statement of the Hon. Nydia M. Velazquez on Burdensome Regulations: Examining the Effects of DOL Rulemaking on America's Job Creators

Summary

A statement dated October 19, 2023 from Nydia M. Velazquez on the hearing "Burdensome Regulations: Examining the Effects of DOL Rulemaking on America's Job Creators." The statement thanks Chairman Williams for convening the hearing and discusses the Regulatory Flexibility Act and the Office of Advocacy. It says some small firms can have 1,500 employees and up to $47 million in receipts, depending on the industry. It also states that the Biden Administration added 336,000 jobs last month, bringing the total number of new jobs to 14 million.

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Statement of the Hon. Nydia M. Velazquez on Burdensome Regulations: Examining the Effects of DOL Rulemaking on America’s Job Creators

October 19, 2023

Thank you, Chairman Williams for convening this hearing so we can learn more about the impact the Department of Labor’s regulations are having on small businesses.

Let me say at the outset that I understand that complying with Federal, state, and local regulations can be onerous for small business owners.

Small businesses don’t always have the resources that larger companies do to monitor regulatory actions. That is why Congress passed the Regulatory Flexibility Act and created the Office of Advocacy.

The Office of Advocacy serves as an independent voice for small businesses, and it works to educate agencies about the effect their rules have on small businesses. The Office also seeks to find targeted solutions that are less burdensome while achieving the desired results.

99.9 percent of all U.S. businesses today are considered small. Some of these small firms can have 1,500 employees and up to $47 million in receipts, depending on the industry.

That is why it is vitally important to make this distinction during our discussion today and make sure that big businesses are not hiding behind the guise of small businesses to promote an anti-regulatory agenda.

And contrary to what we’ll hear today, federal regulations can and do benefit small businesses and boost our economy.

Our most recent jobs report attests to that – the Biden Administration is building an economy that is delivering for Americans. Last month, it added 336,000 jobs, bringing the total number of new jobs to 14 million.

But rather than roll back regulations that protect the health and safety of America’s workers, we should allow Advocacy to work with agencies to understand the impact these regulations have on small firms and find ways to balance the burdens and goals of the regulations.

I believe small businesses want to do the right thing and avoid unfair labor practices. Therefore, it is important to make sure employers have the resources they need to comply with Federal regulations.

The bottom line is that smart, well-crafted, common-sense regulations have the potential to unleash innovation and provide critical health and safety protections.

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