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Source: Congress.gov
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Okay, before we get started, I want to recognize Congressman Olszewski from the great state of Maryland to lead us in the pledge and the prayer. I pledge allegiance to the flag of the United States of America and to the republic for which it stands, Thank you. Ready? Good morning everyone and now call the committee on small business to order without objection. The chair is authorized to declare a recess of the committee at any time. I now recognize myself for my opening statement. Welcome to today's hearing the golden age unleashing main street through deregulation. I want to thank our witnesses for being here today. Many of you have traveled a long way to share your experiences and your perspectives and we deeply value your time and your voice. Today, we will focus on the need to unshackle small businesses from burdensome regulations created by the previous administration and examine what actions the Trump administration and Congress are taking to help free small businesses from this red tape.
Every small business owner knows that regulations limit their ability to grow and succeed. Unfortunately, the Biden administration has cost American businesses more than $1.8 trillion in additional regulatory costs over just the last four years. As a car dealer myself for over 50 years, I know firsthand how harmful regulations can be for small businesses and consumers alike. In the car business, the cost of regulation directly impacts the cost of the car. In fact, regulations could increase the cost of a car by almost 20 percent. Emissions regulations and fuel efficiency standards are among the most expensive to comply with, which directly impacts consumers. This mountain of red tape is uniquely costly to Main Street. On average, small business owners pay 20 percent more than larger companies to comply with the same regulation. While these small business owners are experts in their fields, they are not experts in regulatory compliance. Small businesses must dedicate as much as they can and a more significant portion of their workforce and funds to regularly comply, drastically limiting their ability to grow and discourage the creation of new small businesses. Despite the serious headwinds small businesses face due to this avalanche of regulations, there is reason for hope. The Trump administration has already made progress in removing some of the most harmful regulations imposed on our nation's small businesses by the Biden administration.
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