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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 18,034.93 208.63 1.17%
Nasdaq 4,994.60 62.78 1.27%
S&P 500 2,100.40 19.22 0.92%
Treasuries 1.90 0.04 2.43%
Data as of 10:05pm ET
Company Price Change % Change
General Electric Co 27.02 -0.23 -0.84%
Bank of America Corp... 15.57 0.01 0.06%
Apple Inc 127.60 2.85 2.28%
Microsoft Corp 42.90 1.29 3.10%
Facebook Inc 83.09 2.31 2.87%
Data as of 4:03pm ET
Sponsors

Sections

A special Mother's Day gift card comes with a laser-etched design and a matching gift box. It costs $200 and comes preloaded with $50 to spend at Starbucks. More

A growing number of hospitals are relocating to higher-income areas in hopes of attracting better paying patients. More

Jen Glantz is carving out a piece of the wedding industry: as a professional bridesmaid. Here's a look at what that entails. More

Fliers report higher satisfaction levels when it comes to flying, but Spirit Airlines ranks lowest on the American Customer Satisfaction Index Travel Report 2015. More