SEN. BOND TACKLES THE REGS

On another regulatory front, Sen. Christopher "Kit" Bond has spearheaded efforts in Congress to pull back federal regulations on small businesses, the lifeblood of the U.S. economy.

The Missouri senator, chairman of the Senate Committee on Small Business, sponsored the Small Business Regulatory Enforcement Fair Act which forces federal agencies to consider the impact of their regulations on small businesses. The Senate unanimously approved the measure, which also requires the agencies to provide easy-to-understand guidelines on federal regulations and allows businesses to collect legal fees when cleared of fines or penalties.

The bill was signed into law March 31 as part of the emergency appropriations bill to keep the country operating without a budget agreement. Part of the bill requires regulatory agencies first to submit new rules to Congress for a 45-day review period. It is about time government regulators were accountable to the public.

Small businesses are home to entrepreneurial risk-taking. Their owners tend to start off modestly, building a business from the ground up. As the business expands, employees and suppliers are added, fueling the overall economy.

Government regulation doesn't only affect large corporations and manufacturing firms. Its aftermath carries into that segment of the economy that operates nearest to the margins of profitability and failure. By regulating the regulators, Congress can give small businesses a fighting chance to succeed in an increasingly competitive, worldwide market.