I recently attended an event with a member of Congress in Washington, D.C., where an attendee asked the congressman: "What are you hearing about most from your constituents these days?" The congressman quickly responded: "Regulations! Every business-person I talk to expresses frustration about the burden of new government regulations and how they affect the ability to grow."
In recent years, numerous new regulations have been issued by the Department of Labor, Occupational Health and Safety Administration, National Labor Relations Board and other federal agencies that have significant effects on employers. The Small Business Administration (SBA) estimates the total annual cost of compliance with all federal regulations to be $1.75 trillion.
Focus on reform
The regulatory challenges employers face are likely to grow even further during the years to come. For example, regulations needed to implement the employer-related provisions of the 2010 Affordable Care Act are expected to be voluminous and complex.