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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

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Synchrony Financial 31.34 -0.21 -0.67%
Data as of 4:00pm ET


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