In a bid to alleviate financial pressures on American families and small businesses, the Small Business Administration has launched a new initiative aimed at rolling back federal regulations imposed during the Biden administration.
The Small Business Administration (SBA) has unveiled a new initiative designed to review and potentially roll back federal regulations that, according to the agency, have significantly increased costs for American families and small businesses. This initiative, named the Deregulation Strike Force, is spearheaded by the SBA’s Office of Advocacy and aims to conduct a comprehensive review of regulations that are believed to hinder economic growth across various sectors, including housing and food production.
Officials from the Trump administration assert that this effort is focused on eliminating what they characterize as excessive regulations enacted during the Biden administration, which they estimate have imposed a staggering $6 trillion in compliance costs on American households and small enterprises.
SBA Administrator Kelly Loeffler emphasized the urgency of this initiative, stating, “Bidenomics brought historic new highs in inflation that crushed working families and small businesses, driven in part by the massive bureaucracy that heaped trillions in new federal regulations onto the backs of hardworking Americans.”
Loeffler further explained that the Deregulation Strike Force will leverage the SBA’s unique authority to reduce regulations across the federal government, aiming to cut unnecessary red tape that has contributed to rising costs for small businesses and consumers. She noted that the initiative builds on former President Trump’s efforts to reduce costs nationwide.
The SBA plans to focus its deregulation campaign on key sectors that have been particularly affected by regulatory burdens, including housing and construction, healthcare, agriculture and food production, energy and utilities, transportation, and other goods and services throughout the supply chain.
By reinforcing the message of regulatory relief, the SBA aims to position this initiative as a central strategy for addressing high prices as the new year approaches. The agency has already claimed to have played a significant role in eliminating approximately $98.9 billion in federal regulations since Trump returned to office. These actions include modifications to reporting rules, energy-efficiency standards, and diesel exhaust fluid requirements, which the SBA argues have collectively contributed to nearly $200 billion in regulatory savings.
As the Deregulation Strike Force moves forward, it will be closely watched by both supporters and critics, with implications for the broader economic landscape and the ongoing debate over the balance between regulation and economic growth.
According to Fox News, the SBA’s initiative reflects a broader strategy to combat inflation and economic challenges faced by American families and small businesses.