Even though many have expressed frustration that we have not been able to move more quickly with regulatory reform to help small business, even the small steps taken so far are having an impact.
The SBA Office of Advocacy estimates that small businesses realized $2.6 billion in first-year cost savings and $285 million in annually recurring savings as a result of fiscal year 2007 efforts to help agencies comply with the Regulatory Flexibility Act (RFA). The law requires agencies to review the economic impacts of proposed regulations on small entities and consider less burdensome alternatives. The figures are reported in the 2007 edition of the Office of Advocacy’s annual Report on the Regulatory Flexibility Act.
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