SBA Administrator Says Volume of Government Regulations Is Devastating Small Businesses

Have you tried to start a small business in America recently?

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Depending on the size and nature of your concern, you may be out of compliance with a host of local, state, and federal regulations and not even know it. There are large numbers of people, all across the country, who innocently start working at very small, almost-entirely self-contained enterprises, and later find themselves at odds with regulators eager to fine and sanction them for any of a whole host of violations, many of them very minor and technical in nature.

So is there any real help forthcoming?

Very possibly. Linda McMahon, wife of professional wrestling impresario Vince McMahon and new administrator of the U.S. Small Business Administration (SBA), seems genuinely concerned about the fact that the present regulatory environment in the nation is suffocating small business. On Monday, McMahon rightly noted that even more than any one regulation, it is the mountain of rules and laws facing small business that prompt many budding entrepreneurs to decide that going into business just isn’t worth the hassle.

“It is not necessarily any particular regulation as much as it is the volume of regulations,” McMahon said Monday as a guest on Fox Business’ After the Bell. “And the cost of compliance and the time for compliance—everything is just way too complex than what it needs to be.”

Still, while it is a good sign that the Trump administration – including, and especially, the SBA’s administrator – recognize that small business owners are drowning in regulations, that awareness is of no value if material change is not implemented.

Here’s hoping the right thing is done, for the sake of all of those who keep America’s economic engine running.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

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