Entrepreneurship and Government Regulation

Federal regulation imposed on businesses is overwhelming and complex. The sheer number of pages of federal regulations has grown from under 10,000 in 1954 to nearly 80,000 by 2014. Estimates of the cost of red tape range from hundreds of billions of dollars to over $2 trillion annually and have a disproportionately negative effect on small business.

Federal regulations not only add to the cost of existing businesses, but they also suffocate startup companies and entrepreneurs by restricting access to capital. Securities laws and regulations originating from the Securities and Exchange Commission (SEC) as well as banking regulations are particularly troublesome.

Burdensome energy and environment laws and regulations coming from the Environmental Protection Agency (EPA) pose another threat to businesses. The EPA’s many rules fail to reduce global warming, but succeed in raising the cost of energy for all businesses which leads to significant job and production loss.

In order to unleash entrepreneurship and allow for economic growth, Congress must act to reduce government regulation and rein in out-of-control federal agencies like the SEC and EPA. Congress should limit the duties of the SEC to preventing fraud and enforcing reasonable disclosure rules so startup companies have access to the capital they need to be successful. Congress should oversee the EPA and prohibit it and all federal agencies from regulating greenhouse gases which does more harm than good.

Briefs

Replacing Dodd-Frank: The Financial CHOICE Act

Background: In response to the financial crisis of 2007-08 and the Great Recession, Congress rushed through Dodd-Frank under the guise of “consumer protection.” This law…

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Government Regulation: Restricting Access to Capital

Background: The lifeline of any business is access to capital. Without the necessary funds, entrepreneurs cannot turn their innovative ideas into startup companies, small businesses…

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Environmental and Energy Regulation

Background: In the last few decades, innovative technologies dramatically expanded the amount of available oil reserves in the United States. U.S. natural gas reserves have…

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Blog posts

Financial CHOICE Act 2.0 Expected This Month

As Republicans continue negotiations on an Obamacare repeal plan, a new and improved version of the bill to repeal the Obamacare of the financial sector…

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VIDEO: Norbert Michel on Dodd-Frank Repeal

Heritage Foundation Financial Regulations Expert Norbert Michel appeared on Fox Business to discuss his latest research on the macroeconomic impact of repealing Dodd-Frank. His latest…

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Time To Move On (Again) From Glass-Steagall: Part 2

By Norbert Michel, Heritage Foundation financial regulations expert The 1933 Glass–Steagall Act is widely viewed as a law that ended overly risky financial practices that led…

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Business Owner Legislative Strategy Call 04/12/17

Yesterday, conservatives working in the business community all came together for our Monthly Legislative Strategy Call. During the call, Heritage Foundation economist Nicolas Loris  joined us…

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DOL Delays Fiduciary Rule

In February, President Trump signed an executive order instructing the Department of Labor (DOL) to review the Obama Administration’s misguided Fiduciary Rule that imposes a…

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Heritage Foundation Scholar Testifies on Financial Regulatory Reform

Last week, The House Financial Services Committee held a hearing entitled “Examination of the Federal Financial Regulatory System and Opportunities for Reform.” The witness panel…

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Cotton Producers Already Clamoring for Farm Bill Subsidies

In preparation for the next farm bill expected to hit Congress in 2018, the House Committee on Agriculture held a hearing to examine some of…

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Export-Import Bank’s Secret Dealings Demonstrate the Problem With Crony Capitalism

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation The annual conference of the Export-Import Bank begins Thursday, which is an opportune…

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Are We Better off Curbing the Role of the Consumer Financial Protection Bureau?

By Norbert Michel, Heritage Foundation financial regulations expert YES: It Has Too Much Power—and Besides, It Isn’t Necessary. Limited government and free enterprise—these two principles…

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Government Funding Won’t Address Western Water Issues

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy Those who do not learn from history are doomed to repeat it. Sometimes, members…

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Key Senators Support Trump In Fight Against Too Big To Fail

By Norbert Michel, Heritage Foundation financial regulations expert The Trump Department of Justice recently decided to oppose the Consumer Financial Protection Bureau (CFPB) in court,…

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Senators Ask Treasury Secretary Mnuchin To End “Too Big To Fail”

This week, members of the Senate Banking Committee sent a letter to Treasury Secretary Mnuchin asking for an end to “Too Big To Fail.” Following the 2007-2008 financial…

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Trump’s Sweeping Executive Order on Climate Policy Has Been Sorely Needed

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy As promised, President Donald Trump has issued an “energy independence” executive order to undo…

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Next Farm Bill Shouldn’t Play Favorites With Energy

By Nicolas Loris, Heritage Foundation scholar in Energy, Environmental & Regulatory Issues The House Agriculture subcommittee on commodity exchanges, energy, and credit is holding a…

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House GOP Exposes “Too Big To Fail” Designations As “Arbitrary and Inconsistent”

The House Financial Services Committee has released a report exposing the Financial Stability Oversight Council’s (FSOC) process for designating non-bank firms as systemically important financial institutions (SIFI) as “arbitrary and inconsistent.”…

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Prosperity Unleashed: Smarter Financial Regulation.

Check out this panel discussing Heritage's new book Prosperity Unleashed: Smarter Financial Regulation. "Prosperity Unleashed: Smarter Financial Regulation provides solutions to the core regulatory problems that have…

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Time to Say ‘Au Revoir’ to Paris Climate Deal

By Nicolas Loris, Heritage Foundation scholar on Energy & Environmental Regulation President Donald Trump will soon issue an executive order calling on the Environmental Protection…

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House Votes to Undo Obama OSHA Rule

This week the House passed a resolution of disapproval on Occupational Safety and Health Administration’s (OSHA) Volks rule issued last minute by the Obama administration.…

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To Unleash Prosperity, Dodd-Frank Must Go

By Justin Posey, Communications Manager at the Heritage Foundation After the financial market crash in 2008, liberal lawmakers insisted that more stringent regulations must be…

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Q&A on Trump’s WOTUS Executive Order

By Heritage Foundation scholar Daren Bakst & Daily Signal editor Daniel Davis In light of President Donald Trump’s executive order that should put an end…

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Kashkari Highlights Too Big To Fail Reform

By Norbert Michel, Heritage Foundation Financial Regulations Expert It’s always good when a Federal Reserve Bank president talks about ending bailouts for large financial companies. …

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This Little-Used Tool Could Help Congress Undo Years of Government Overreach

By Paul J. Larkin Jr., Senior Legal Research Fellow at the Heritage Foundation In Washington, there is a saying that regulators never met a rule…

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Supreme Court Nominee Concerned With Unchecked Power of Federal Agencies

Following President’s Trump’s nomination of 10th Circuit Court of Appeals Judge Neil Gorsuch, leftist groups continue to grasp at straws hoping for a legitimate reason…

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President’s Opening Financial Services Salvo is On Target, But There’s Much More to Be Done

By Norbert Michel, Heritage Foundation Financial Regulations Expert On January 30, President Trump pledged that his Administration would “be doing a big number on Dodd-Frank.”…

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Republican Cultural Elites Proposing Carbon Tax

This week, a group of Republicans publicly called for a substantial new carbon tax. These leaders, uniting under the banner of the “Climate Leadership Council,”…

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Trump’s Executive Orders on Financial Regulation Are a Great First Step

By Norbert Michel, Heritage Foundation Financial Regulations Expert President Donald Trump has vowed to dismantle the Dodd-Frank Act, and on Friday he signed two executive…

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Congress Overturns Obama’s Anti-Coal Stream Protection Rule

"Yes" on Disapproving the Stream Protection Rule (H.J. Res. 38) This week, the Senate will vote on H.J.Res. 38, a House-passed resolution disapproving of the rule…

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Heritage Action Signs Letter Supporting Oklahoma AG Scott Pruitt for EPA

Heritage Action’s CEO Mike Needham has signed-on to a coalition letter expressing support for Oklahoma Attorney General Scott Pruitt’s nomination to head the Environmental Protection…

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CFPB’s Regulation of Auto Lenders Ripe With Abuse

Last week, the House Committee on Financial Services released the third in its series of reports outlining a string of missteps by the Consumer Financial Protection Bureau’s…

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Trump Wants to Slash Regulations by 75%. Here’s How Regulatory Reform Could Boost US.

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation During a White House meeting with business leaders on Monday, President Donald Trump…

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The CFPB is in the Crosshairs, Exactly Where it Belongs

By Norbert Michel, Heritage Foundation Financial Regulations Expert The Consumer Financial Protection Bureau (CFPB) has been one of the most controversial components of the 2010…

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5 things Steven Mnuchin should do in his First 100 days as Treasury Secretary

Undoing the damage of the Obama administration is going to be a massive undertaking.…

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New Small Businesses Face $83,019.23 Regulatory Cost in First Year Alone

By Gloria Taylor The National Association of Small Business released the results of their Small Business Regulations Survey this week. The survey confirms that out…

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Business Owner Legislative Strategy Call 01/18/17

Yesterday, conservatives working in the business community all came together for a our Monthly Legislative Strategy Call. During the call, we discussed the current Congressional…

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Conservative Senators Call on Trump to Fire King Richard Cordray

Earlier this week, Senators Mike Lee (R-UT) and Ben Sasse (R-NE) called on President-elect Donald J. Trump to remove the director of the Consumer Financial…

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What Economic Recovery? 95 Million Americans Out of the Labor Force

By Gloria Taylor In the remaining weeks of his Presidency, Obama has been quick to tout his economic legacy. Yet the last job report of…

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Repeal the Durbin Amendment: Restore the Rule of Law

By Norbert Michel, Heritage Foundation Financial Regulations Expert Consumers started relying on plastic cards instead of checks to make their purchases back in the 1980s.…

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Freedom Caucus Releases List of Regulations for Trump to Gut

By Gloria Taylor Last month, the House Freedom Caucus dropped a new report outlining 228 rules and regulations for the Trump Administration to tackle in…

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How to Improve the Replacement Plan for Dodd-Frank under President Trump

In 2016, Chairman Jeb Hensarling (R-TX) successfully passed his Dodd-Frank replacement bill out of the House Financial Services Committee. Named the Creating Hope and Opportunity…

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Business Owner Sentinel Strategy Call 12/14/16

Yesterday, conservatives working in the business community all came together for a our monthly Professional Sentinel Strategy Call. During the call, we discussed how President-elect Trump's nominees…

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Dodd-Frank Must Go. Here’s the Republican Plan to Save Community Banks, Spur Economic Growth

By Congressman Keith Rothfus (R-PA) With control of both the White House and Congress, Republicans finally have the opportunity to reignite the economy. American families…

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Drain the Swamp? This Energy Bill Is More Big Government Paternalism

By Nicolas Loris, Heritage Foundation Expert in Environmental and Regulatory Policy Time is running out for negotiations between the Senate and House of Representatives on…

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Why It’s Not So Easy To Drain a Swamp

By Norbert Michel, Heritage Foundation Financial Regulations Expert As everyone from south Louisiana knows, draining a swamp is tricky business. Just when you think you…

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Congress Pushes Back Against Midnight Regulations

Last month, Republicans in the House of Representatives sent a letter to the federal heads of President Obama’s regulatory agencies calling for an end to…

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Congress Has Its Best Shot Yet to Repeal Dodd-Frank

Earlier this year under the leadership of Chairman Jeb Hensarling (R-TX), the House Financial Services Committee passed the Creating Hope and Opportunity for Investors, Consumers,…

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Three Key Reforms for Federal Water Policy

By Daren Bakst, Research Fellow in Agricultural Policy at the Heritage Foundation For decades, the Environmental Protection Agency (EPA) and the U.S. Army Corps of…

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The Federal Regulations That Affect Your Thanksgiving Foods

By Diane Katz, research fellow in regulatory policy at the Heritage Foundation This being the fourth Thursday of November, we turn our attention to the…

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The Pathway Out of Paris

By Nicolas Loris and Steven Groves, The Heritage Foundation As climate negotiators work out the details of the Paris Agreement on global warming in Marrakech,…

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Dismantling Dodd-Frank: How Congress Can Begin to Restore Financial Security

By Norbert Michel, Heritage Foundation Financial Regulations Expert President-elect Donald Trump campaigned on the promise of dismantling Dodd-Frank, and now Senate Democrats are pretty much…

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Significant Policy Changes Possible under a Donald Trump Presidency

With the election of Donald Trump to the Presidency along with Republican majorities in both chambers of Congress, significant and positive policy changes could be…

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Heritage Action Opposes Special Tax Breaks for Renewable Energy

Members of Congress will return to Washington, D.C. after the Presidential election on November 14th for a lame-duck session of Congress. Historically speaking, politicians use…

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Rising Red Tape Near Top of Small Business Fears

By Jessica McBirney and James Gattuso, The Heritage Foundation Far from equipping small businesses “with the tools and resources they need to succeed,” government actions…

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Video: Norbert Michel Argues the Case Against Dodd-Frank on Mortgage Shots

https://www.youtube.com/watch?v=m1ekCZD-3V0 Heritage Foundation Financial Regulations Expert Norbert Michel sits down with Brian Stevens of Mortgage Shots to discuss why Congress should repeal Dodd-Frank. Watch the interview…

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From Apples to Soup: How the Administrative State Creates Food Crimes

By David Rosenthal, Visiting Legal Fellow at The Heritage Foundation What do cottage cheese, “extra fancy” apples, and chicken noodle soup all have in common?…

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Court Says CFPB Structure is Unconstitutional

By Justin Posey The U.S. Court of Appeals for the District of Columbia ruled today that the structure of the Consumer Financial Protection Bureau (CFPB)…

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Court Ruling Reins in Unaccountable Financial Regulation Agency

By Diane Katz, Research Fellow in Regulatory Policy at The Heritage Foundation The very first line of today’s court ruling in PHH Corporation v. Consumer…

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How to Wreck a Law: How the SEC Thwarted the Will of Congress and the President with Crowdfunding

Guest Blog: Sentinel Business Owner, Jonathan B. Wilson In a rare moment of bipartisan unity, both sides of Congress came together in the passage of…

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Small-Dollar Loans: How the Latest Rules from the CFPB Are Likely to Harm Millions of Consumers

https://www.youtube.com/watch?v=ed7DpdlhoeE The Consumer Financial Protection Bureau (CFPB) has issued its proposed rule for “Payday, Vehicle Title, and Certain High-Cost Installment Loans.”  The proposal is open…

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Video: How to Discuss Conservative Issues in your Community

https://www.youtube.com/watch?v=p16sK9roImM&feature=youtu.be The majority of Americans agree that consumers lose with Dodd-Frank because the law is consumer protection for billionaires. Watch CEO & Managing Partner of Heart &…

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Stopping the DOL’s New Fiduciary Rule is Another Reason Congress Must Pass the Financial CHOICE Act

On September 13th, the House Financial Services Committee passed Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act (H.R. 5983) by a vote of 30-26. This bill…

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Obama’s New Fuel Efficiency Standards Hurt Small-Business Truckers the Most

Last month, the Environment Protection Agency (EPA) and the Department of Transportation finalized new fuel-efficiency standards for medium and heavy-duty vehicles including 18-wheelers, pick-up trucks,…

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Video: Get the Government Out of the Housing Market

https://www.youtube.com/watch?v=3pdjXcME5HY Real estate professionals know firsthand the dangers of government intervention in the housing market. The housing bubble and subsequent collapse of the financial markets…

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Opponents of CHOICE Act Aren’t Interested in Protecting Consumers

By Norbert Michel, Heritage Foundation Financial Regulations Expert On Tuesday, Sept. 13, the House Financial Services Committee passed the Financial CHOICE Act. Among other needed…

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Heritage Action Supports Hensarling’s Financial CHOICE Act (H.R. 5983)

In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act…

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Unleash America’s Energy Resources

The U.S. economy added 151,000 jobs in the month of August, roughly 30,000 less than the 180,000 jobs many economists predicted. The unemployment rate was…

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Obama shows what not to do on climate policy

By Nicolas Loris, Heritage Foundation Energy & Environmental Expert President Obama sets off for his final Asia trip as commander in chief this week, and…

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Clinton’s Small Business Plan is More Government

Democrat presidential nominee Hillary Clinton will roll out her plan to make American small businesses great again, or in her words: “to support small businesses…

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White House in Denial of Dodd-Frank’s Negative Impact on Small Banks

In the six years since Dodd-Frank was implemented, community banks have been choked by overbearing federal regulations, causing many banks to close their doors. The…

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Business Owner Sentinel Strategy Call 08/17/16

Yesterday, conservative business owners from across the country joined together for monthly Heritage Action Sentinel Strategy call. During the call we discussed how federal regulations stemming…

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Federal Regulation cost economy $4 trillion since 1980

Guest Blog: Gloria Taylor A new study from the Mercatus Center at George Mason University demonstrates just how destructive regulations are on the U.S. economy.…

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Should the Federal Government Regulate Greenhouse Gases?

Heritage Action recently joined energy groups and other conservative organizations in sending a letter to Representative Evan Jenkins (R-WV) thanking him for introducing his latest…

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Dodd-Frank Cost $36 Billion, 73 Million in Paperwork Hours

A recent report from the American Action Forum (AAF) shows that total regulatory cost from the Dodd-Frank Act of 2010 now exceeds $36 billion. This…

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Special Interests Should not Stand in the way of Dodd-Frank Reform

This week marks the six year anniversary since the Dodd-Frank Act was signed into law by President Obama, but instead of addressing the major causes…

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Business Owners “Did Build That”

Guest Blog: Mark Adamson As an entrepreneur and small business owner, I know what it takes to run a successful company. I own and operate…

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House Passes Bill Forcing Companies to Label GMO Products

The House of Representatives voted 306 to 117 in favor of a recently passed Senate bill creating a new federal labeling requirement on GMO products…

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Senators Introduce Occupational Licensing Reform Bill to Expand Economic Opportunity

Earlier this week, Senators Mike Lee (R-UT) and Ben Sasse (R-NE) introduced legislation aimed at expanding economic opportunity by reducing unnecessary licensing requirements for various…

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New Survey Shows what Issues Really Matter to Small Business Owners

The National Small Business Association (NSBA) recently released the results from their 2016 Politics of Small Business Survey just four months before the Presidential general…

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KEY VOTE ALERT: NO ON MANDATORY GMO LABELING ACT

Later this week, the Senate is scheduled to vote on S. 764, the GMO labeling compromise reached by Senators Pat Roberts (R-KS) and Debbie Stabenow…

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How Congress Can Improve Access to Capital for Small Businesses

Business owners and entrepreneurs know that the most innovative idea is not enough to be successful. Without healthy access to capital the best business idea…

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Congressman Challenges Regulators to “PROVE IT”

Last week, Representative Garret Graves (R-LA) introduced legislation named the Providing Retrospective Observations Validating the Economic and Increasing Transparency or PROVE IT Act. Rep. Graves’…

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House Republicans Outline Proposal to Reform Regulations, Rein in Regulators

This Tuesday, a task force of House Republicans released a regulatory policy agenda outlining what policies Congress should enact to help jumpstart the economy. Entitled…

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House Republicans Outline Proposal to Reduce Energy Regulations

Today, a task force of House Republicans released a regulatory policy agenda outlining what policies Congress should enact to help jumpstart the economy. Entitled “A…

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Financial CHOICE Act Represents Major First Step to Repeal Dodd-Frank

Guest Blog: Authored by Heritage Foundation financial regulation expert Norbert Michel. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately named laws…

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States Join Business Organizations in Growing Lawsuit Against the DOL

Last week, a federal judge permitted a coalition of 10 states to join a group of business-rights organizations in their lawsuit against the Department of…

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First Mandatory GMO Food Labeling Law Coming July 1, 2016

Vermont will soon become the first state in the country to require food companies to label food that contains genetically modified organisms (GMOs). This new…

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Federal Regulations Cost over $62 Billion so far in 2016

As of January 1, 2016, federal regulators finalized 112 new rules totaling $62.73 billion in compliance costs and over 14 million hours in paperwork. Last…

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House passes bill to block fiduciary rule

Last Thursday, the House passed legislation blocking the Department of Labor (DOL)’s fiduciary rule, which would force all retirement financial advisers to put their client’s…

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Senate Fails to Defund Waters of the U.S. Rule

Last week, the Senate failed to pass an amendment preventing the Environment Protection Agency (EPA) and the Army Corps of Engineers from using federal funds…

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Online Lending Providing Greater Access to Capital for Small Business Owners

According to data from Morgan Stanley, online lenders provided $7.9 billion in small business loans last year, a 68% increase from 2014. Caused in part…

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Waters of the U.S. Rule under attack in House Committee Hearing

This week, the House Committee on Natural Resources’ Subcommittee on Water, Power and Oceans held a hearing discussing the new Waters of the U.S. rule…

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