Last week the U.S. House passed H.R. 527 and H.R. 3010, two bills to help restore balance to the federal regulatory system. Both pieces of legislation are intended to help produce more effective regulations at a smaller cost to the economy. If enacted, the bills would increase transparency throughout the regulatory process by inviting more public participation, and they would limit the burden on business owners by requiring cost-benefit analysis of all new rules.

Blanche Lincoln, Chairwoman of Small Businesses for Sensible Regulations, says – Congress’ approvals are an important first step toward returning balance to the federal rulemaking process. Both bills enjoy the strong support of the hardworking men and women who feel the pressure of government regulation the most – small business owners.

Small Businesses for Sensible Regulations and the National Federation of Independent Businesses have sent a letter to President Obama proposing five commonsense principles to help reform the regulatory system. They include: giving small businesses a greater voice in the regulatory process; providing assistance to small businesses before assessing penalties; requiring major regulation to undergo rigorous cost-benefit analysis; basing decisions only on objective, validated science; and requiring more transparency and accountability.