WFFT's Brooke Welch spoke with the Senator and a local small business owner about the proposed legislation.
Many times a small business begins with an interest or passion that turns into a moneymaker but many times owners can become frustrated when instead of focusing on their business, they are forced to focus on paperwork.
"I can't tell you but we spend at least some hours every week with attorneys, with accountants, and/or counsel."
To help combat red tape for business like, B Mitchell Fine Jewelry Owner Bryant Hinch, Senator Dan Coats introduced the Sound Regulation Act.
"This is important to small businesses, because they are burdened. They don't have the backroom that the big businesses have. That they can hire attorneys and CPA's and auditors and so forth to fill out all these federal paperwork requirements."
The US Small Business Administration says that the cost for a business to comply with federal regulations is over $10,000 dollars per worker a year. An amount that's hard for small businesses to afford.
"Small businesses need to be out in front of the counter selling their product and they are overwhelmed I think with this one size fits all. Washington knows best. Fill out all these forms to prove that you're doing what we say you should do."
Senator Coats Legislation would encourage the Indiana Model that would help both big and small businesses.
"We want to show the Indiana Model is much better in terms of creating jobs and improving the small business opportunities that exist across the state."
The Indiana Model is why Bryant moved his location to Fort Wayne 7 years ago.
"The environment in Ohio was changing, and it wasn't real business friendly, so that's why we came to Indiana."
If approved, the Act will help eliminate unnecessary federal rules, red tape, and extra paperwork.
"We're hoping for positive legislation. We're hoping to be able to do our business, and not have to ya know, hire attorneys to do our business."
WFFT will keep you updated as this legislation continues to move through Washington.
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