The National Association of Manufacturers (“NAM”), in partnership with the Small Business & Entrepreneurship Council, launched a multimillion dollar campaign called Rethink Red Tape to build momentum for regulatory reform.
Rethink Red Tape aims to broaden consensus for regulatory reform by explaining the problems that regulations cause, particularly for small companies. The objective is to press the federal government for transparency, accountability and to provide candid evaluations of how much regulations will cost businesses. It also aims to identify bipartisan solutions that could improve the way regulations are implemented and would give small businesses a voice in the process
The campaign will focus on five key principles:
- Meaningful public engagement in the rulemaking process; 2) Prioritization of unbiased, scientific information in rulemaking;
- Consideration of public costs and benefits;
- Transparency and clarity in how rules will be enforced and how compliance can be attained; and 5) Regular evaluation of whether regulations are working.
While the campaign targets regulatory reform for small-businesses, it will have an impact on how regulations affect large manufacturers. The campaign’s plan to invest more than $1 million in order to urge the federal government and states to reduce regulatory burdens on businesses may lead to lowering the cost of doing business and thus making it easier to compete in the global economy.