As President Trump and the new Congress shape their agendas for the upcoming months, manufacturers are pleased to hear that updating our nation’s regulatory system is a top priority. Burdensome federal regulations have been weighing manufacturers down and preventing job growth for the past eight years.
Regulations are important to ensuring safe work environments; however, manufacturers currently face 297,696 restrictions on their operations from federal regulations, according to a recent study by the National Association of Manufacturers. Many of these regulations are duplicative or unnecessary. Therefore it is critical that the Trump administration focus on streamlining the regulatory process.
Manufacturers do their best to comply with regulations pouring out of our nation’s capital, but it equates to wasted resources and time that could be spent improving businesses. In fact, 87 percent of manufacturers surveyed say that if compliance costs were reduced permanently and significantly, they would invest the savings on hiring, increased salaries and wages, more R&D or capital replacement.
Ninety-four percent of manufacturers surveyed say the regulatory burden has gotten higher in the last 5 years. It’s time to fix our broken system. Step one in this process is ensuring Congress approves President Trump’s cabinet appointees who are dedicated to implementing smart and sensible regulations and repealing complex restrictions that limit manufacturers’ ability to invest in their businesses and create more jobs.
Read the full study, “Holding US Back: Regulation of the U.S. Manufacturing Sector,” here.