Sen. Coats looks to reduce regulation on small businesses - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Sen. Coats looks to reduce regulation on small businesses

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Small businesses throughout Indiana could see less regulation as a result of Senator Dan Coats (R-Indiana). The Senator has proposed the Sound Regulation Act which would make federal agencies conduct a cost-benefit analysis to see what the actual cost regulations put on businesses. Senator Coats says current regulations do not address certain issues. 

"Is it going to shut down this business? Is it going to force them to reduce their workforce? Does it keep them from growing?" asks Coats. 

Peter Recchio of The Black Crow on Main is not a fan of the current regulations put on his business. "The regulations are onerous. It's over regulation. The word shouldn't be regulation- it should be over regulation," Recchio said. 

Senator Coats says that some big companies do need to be overseen, but he doesn't think the same standards should be applied to smaller companies. "I talked to small business owners, people on Main Street, people running small shops, small businesses, etc.- [they say] 50-60 percent of my time is in the back room filling out paperwork to send to Washington," says Coats.

"Senator Coats is exactly right," Recchio said. "Over regulation as I said before costs time and money beyond what is calculable especially for the small and medium-sized business person." 

Recchio says the time required to fill out the paperwork required at the federal level is not the only issue he has with regulations. "This not only inhibits the owner from expanding and doing more things with his capital to expand his or her own business, but it really makes it difficult to turn a profit to stay in business," he said. 

The U.S. Small Business Administration reports that the cost to meet federal regulations is over $1.75 trillion annually.  

One business owner spoke with FOX28 and said he does not see the regulations as threatening to his business.

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