There may be only about 100 days left in President Obama’s term, but his Administration is not slowing down. They are aggressively implementing a new series of regulations that will affect our nation’s businesses and, unfortunately for our economy, American manufacturers are taking the brunt of the burden.
Recently, the National Association of Manufacturers (NAM) released a study that details how burdensome the regulations are. In the study, NAM analyzed seven regulations from the Department of Labor (DOL), the Occupational Safety & Health Administration (OSHA), the Equal Opportunity Commission (EEOC), and the National Labor Relations Board (NLRB). The analysis included an estimate of the aggregate economic costs of each rule.
In total, NAM estimates it will cost manufacturers approximately $82 billion in compliance costs associated with the implementation of the seven regulations. In addition to the financial burden, manufacturing companies will need to spend 411 million hours per year to comply with the rules. It will also lead to a loss of over 155,000 jobs. It is clear the new numerous regulations will have a large impact on the viability of a manufacturer, which in turn will impact the growth of the nation’s economy.
While it will be difficult to alter the imposed rules and regulations, NAM is requesting companies to join their Rethink Red Tape campaign. Rethink Red Tape is a coalition formed to examine the impact regulations have on small businesses and advocate for smarter regulations and regulatory reforms that will protect the public interest while also helping small businesses grow. You can join the campaign here.
The Partnership continues to advocate for a friendlier business environment at each level of government. If you or your company is interested in lending your voice to our fight, contact Catherine Muth.