House Republicans Unveil A Better Way to Grow Our Economy

Bureaucracy. Red Tape. Redundancy. It’s everybody’s favorite part of government, right?

Wrong.

While some regulations are important to help protect our health, safety, and well-being, it seems that over the past seven and a half years regulations have taken over every aspect of the U.S. economy, stifling innovation and leading to “the worst economic recovery in the history of the Republic” according to Financial Services Committee Chairman Jeb Hensarling (R-TX).

In fact, since the last recession ended nearly ten years ago, the economy hasn’t grown by more than three percent in a single year.

Today, House Republicans unveiled our plan for A Better Way to Grow Our Economy, a detailed plan with more than 101 ideas to spur economic growth. After years of policies that disproportionately burden small businesses it’s time for bold, forward-looking ideas that promote economic growth and job development.

Small businesses are the lifeblood of our economy, and as Rep. Steve Chabot (R-OH), Chairman of the Small Business Committee, pointed out during today’s rollout of our vision for a better way to regulate, “Seven out of every ten new jobs created in the American economy are created by small business folks.”

We should be doing everything we can to make America the best place in the world to start a business.  Create jobs. Build things.

Instead, regulations cost us $1.89 trillion in lost productivity and growth, and we see examples where, “small business lending in major banks is down nearly 40% in the last decade,” according to Chief Deputy Whip Patrick McHenry (R-NC).

On entrepreneurship, Energy and Commerce Committee Chairman Fred Upton (R-MI) today pointed out, “there is a reason that 50 percent of the venture capitalists have moved overseas.” It’s because excessive regulations create an approval process that is far too long and complicated, driving away potential projects and job creation.  The result? An environment that punishes people for starting or investing in a business, the opposite of what a government should want for their economy.

As is the case with environmental regulations, “when [they] are outdated and antiquated, they lack local input, they lack state engagement, they can actually produce more harm than good,” said Natural Resources Committee Chairman Rob Bishop (R-UT).

To put all of that into perspective, Rep. Cynthia Lummis (R-WY), Chair of the Western Caucus, noted today that, “We are regulating places that are 2,000 miles away without ever having been there.”  

But it doesn’t have to be this way – in fact, it shouldn’t be: “…the good news is there is a better way, there is a Republican way, and it represents economic growth for all and bank bailouts for none,” says Chairman Hensarling.

Our Better Way to Grow Our Economy is the third plank in the House Republican vision for a Confident America, A Better Way.  For the full plan, visit better.gop.


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