As the overall cost to operate a small business continues to rise nationwide due to increased federal regulations, U.S. Sen. Katie Britt has introduced a bill that she said could help navigate through the financial difficulties.

“I’m proud to join my colleagues in introducing this commonsense legislation to alleviate burdens on small businesses, who already have to contend with persistently high inflation on top of the Biden Administration’s red tape regime,” said Britt (R-Montgomery). “From entrepreneurs just starting out to the established, family-owned shops on Main Streets across our great state and nation, I will continue to fight tirelessly for small businesses and the families they support.”

According to Britt, complying with regulations cost American small businesses an average of $14,700 in 2022, (adjusted for 2023 dollars) per employee on their payroll. The Small Business Regulatory Reduction Act would alleviate these costs and require the administration to submit an annual report to Congress outlining the impacts of regulations on small businesses.

The legislation specifically requires that the report is submitted in under 60 days after the last day of a fiscal year. The report will include rules issued during the fiscal year preceding and the fiscal year following the date of the report. The rules are to be disaggregated by the issuing federal agency.

U.S. Rep. Beth Van Duyne (R-Texas) introduced similar legislation in the House last year.

Austen Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten