Issue Position: Jobs, Economy and Regulation

Issue Position

In 2008, our country faced a financial crisis that was second only to the Great Depression. Many Americans saw their hours and wages cut back, or worse lost their jobs.

Ever since the events of that time, our economy and the jobs our country depends on, have been slow to recover. We must do more to encourage our small and large businesses alike to grow and thrive. By selling more of what we make and grow in America around the globe, we can boost manufacturing, wages, and jobs, here at home.

Reining-in Rules and Regulations

As a member of the Senate Small Business and Entrepreneurship Committee, I have been working to build pro-growth policies and a regulatory system that encourages innovation, job growth, and keeps our small businesses in mind. Washington's current regulatory approach and our complex tax code puts American businesses and jobs at a disadvantage in the global economy.

Small businesses are the backbone of our communities, and in Iowa they make up 97 percent of all employers in the state. I hear all too often from Iowa businesses, farmers, and manufacturers that feel they are hamstrung from costly rules and regulations. Many have told me that they feel the government is out to get them, rather than work with them to find an appropriate balance.

Simply put, the more time our nation's innovators and employers spend trying to figure out how to comply with regulations, the less time they have to grow their business and create. Our job creators do not view these regulations in a vacuum and neither should the federal government. It's not just one regulation these job creators have to comply with -- it's multiple. The cumulative burden of all these regulations is literally slowing down business. Some estimates have concluded that complying with federal regulations costs Americans about $2 trillion dollars in lost economic growth annually.

I am committed to rolling back this red tape, and will continue to work on smart reforms to streamline our regulatory system so our businesses have the certainty, confidence, and flexibly they need to invest and expand.

In April of 2016, I introduced the Prove It Act to increase transparency within the federal rulemaking process, especially when there is a disagreement between agencies over the economic impact of a rule on small businesses. By encouraging federal agencies to carefully consider the impact a rule may have on small businesses, it brings us a step closer to preventing harmful rules while also incentivizing better rulemaking to free up our job creators.

Source