Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Business leaders list the red tape they want cut

By Charles Riley, staff reporter


NEW YORK (CNNMoney) -- Asked last year by a key Republican lawmaker to weigh in on the regulatory barriers businesses face, more than 100 companies and industry groups have returned a litany of complaints about federal red tape.

Released Monday by Rep. Darrell Issa, the Republican chairman of the House Committee on Oversight and Government Reform, the responses detail ways in which regulations could be modified or eliminated to benefit businesses.

Some suggestions are minor, and would affect only a specific industry or company. But other complaints are larger in scale and target some of President Obama's signature legislative accomplishments, including the new health care and Wall Street reform laws.

"Regulatory burdens facing U.S. business are rapidly accelerating as a consequence of legislation passed over the previous two years," wrote Larry Burton, the executive director of Business Roundtable, an association of CEOs.

Burton said laws approved since President Obama took office amount to a "regulatory tsunami" that will negatively impact the economy and hold down employment levels.

The Environmental Protection Agency was among the most common agencies mentioned, with many respondents citing increased business costs as a result of complying with EPA regulations.

Issa, who is among Obama's sharpest critics, will hold a hearing on the responses Thursday, and is expected to use his influential position on the committee to lambast the administration.

The White House is already working on the issue.

President Obama called for a review of government regulation during his State of the Union address, and later wrote that he intended to "strike the right balance" between health, safety and environmental regulations and economic growth. To top of page

Index Last Change % Change
Dow 24,651.74 143.08 0.58%
Nasdaq 6,936.58 80.06 1.17%
S&P 500 2,675.81 23.80 0.90%
Treasuries 2.36 0.01 0.38%
Data as of 3:39am ET
Company Price Change % Change
Bank of America Corp... 29.04 0.31 1.08%
General Electric Co 17.82 0.18 1.02%
Oracle Corp 48.30 -1.89 -3.77%
Micron Technology In... 42.40 0.16 0.38%
Microsoft Corp 86.85 2.16 2.55%
Data as of Dec 15
Sponsors

Sections

More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More

Parents will get twice as large of a tax credit for each child next year, under a compromise hammered out by the House and Senate Friday ? although other changes to the bill mitigate the impact of that tax break. More

Uber is being sued by Waymo, Alphabet's self-driving car unit that was formerly part of Google. Waymo alleges that Uber stole trade secrets about its self-driving technology. More