By Brandon Moseley
Alabama Political Reporter
Congressman Spencer Bachus (R) from Vestavia issued a written statement after he voted Thursday in favor of the Red Tape Reduction and Small Business Job Creation Act. The bill addresses federal regulatory overreach that Bachus says is discouraging the hiring of new workers. According to Rep. Bachus’s statement, “The bill would place a hold on costly new regulations while the economy remains weak, prevent the rushed issuance of “midnight regulations,” require a study of the costs as well as the benefits of proposed rules, and enhance regulatory accountability.”
Rep. Bachus said, “Small business owners in Alabama tell me they are overwhelmed by the blizzard of regulations coming from Washington. Costly new rules seem to be coming from nearly every agency almost every single day. Every dollar spent on unnecessary regulatory expenses is one less dollar that can be invested in growing a business or hiring new workers. Far from the federal government being responsible for building small businesses, as has been claimed recently, regulatory overreach by this Administration in particular has held the economy back,” said Congressman Bachus.
The U.S. Chamber of Commerce agrees with Rep. Bachus. On Facebook the Chamber wrote, “Excessive amounts of red tape handcuffs entrepreneurs and businesses. No wonder 80% of small businesses surveyed for our Q1 Small Business Outlook Survey said that taxation, regulation, and legislation from Washington make it harder for their business to hire more employees.”
Congressman Bachus is Chairman of the Financial Services Committee. Chairman Bachus has been directing a committee review of the Dodd-Frank financial regulatory law this month. Chairman Bachus said, “Our committee has sought out job creators, small businesses, and community bankers in Alabama and throughout the country to listen to their real-world experiences. What we have heard clearly and consistently is that the regulatory overkill of stacking more than 400 new rules on top of all the existing rules has made it much more difficult for small businesses to get financing, grow, and hire workers,” Bachus stated. Last week Senator Shelby (R) from Alabama blamed Dodd-Frank for the historically weak economic recovery that has seen very little real job creation.
The Red Tape Reduction and Small Business Job Creation Act passed in the U.S. House of Representatives on Thursday by a margin of 245 to 172. The bill now moves to the U.S. Senate where Senate Majority Leader Harry Reid has been reluctant to act on much of anything, preferring to not schedule votes rather than debate controversial legislation, including the federal budget.
Congressman Spencer Bachus represents Alabama’s Sixth Congressional District. He is seeking an 11th term in the House of Representatives. His opponent in the November 6th General Election is retired U.S. Air Force Colonel Penny Huggins Bailey (D) from Leeds.