Video: NFIB Launches Campaign Against Costly Federal Regulations

The National Federation of Independent Businesses has launched Small Businesses for Sensible Regulations, a group dedicated to cutting federal red tape.

One of the featured firms is Port Orange-based Thompson Pump & Manufacturing Co., whose president, Bill Thompson, discusses how regulations have impacted his business. See video here.

NFIB said its multiyear campaign aims to give voice to small businesses, which create two-thirds of new U.S. jobs each year.

In NFIBs history, few issues have been more important to Americas small businesses than bringing balance to the federal regulatory process, NFIB President Dan Danner said. Complying with federal regulations is incredibly costly to small businesses -- the average business pays over $10,000 per employee to stay in line with government rules.

According to a report conducted for the Small Business Administrations office of advocacy last year, government regulations currently cost the U.S. economy $1.75 trillion a year, or more than 12 percent of our national GDP.

In the last five years, there has been a 60 percent increase in pending federal regulations that are defined as major or economically significant -- costing the economy $100 million or more.

NFIB Florida Executive Director Bill Herrle said the state's small businesses "are facing an uphill battle."

"The aggressive federal regulations with which Floridas small businesses have had to keep pace are shutting down some businesses and fracturing others. This new effort will give a microphone to those businesses and minimize the governments overreach on their bottom line," Herrle said.