The order requires all federal agencies, including independent agencies, to submit within 90 days to the Office of Advocacy of the U.S. Small Business Administration (SBA) their plans on how they account for small business in their rulemaking process.
According to the SBA, agencies have 180 days to execute these plans and must consider Advocacy’s comments on their effectiveness before their implementation.
“President Bush has delivered on the promise he made to small businesses when he introduced his Small Business Plan,” said Thomas M. Sullivan, chief counsel for Advocacy. “He promised to tear down the regulatory barrier to job creation for small business and give small business owners a voice in the complex and confusing federal regulatory process. This order does just that.”
The United States Chamber of Commerce has also applauded the executive order.
“Everyone knows that small business is the fastest growing area of our economy,” said Giovanni Coratolo, Chamber director of small business policy. “Small businesses have long been overburdened by complex and sometimes unnecessary bureaucratic red tape. On average they incur up to 60% more in compliance costs than larger businesses, which has had a negative impact on their bottom line and our overall economy.”
Publication date: 09/02/2002