ABC Newsline
ABC Nov. 29 sent a letter to members of the U.S. Senate supporting an amendment introduced by Sen. Mike Johanns (R-Neb.) to the FDA Food Safety Modernization Act of 2009, which would repeal the overly burdensome Form 1099 reporting requirements that were included in the Patient Protection and Affordable Care Act, with a full offset of cost. The Senate also considered an amendment introduced by Sen. Max Baucus (D-Mont.) that would fully repeal the 1099 reporting requirements. Both amendments failed by votes of 61-35 and 44-53, respectively.
In the letter, ABC cited a study released by the Office of Advocacy illustrating how the small business community is disproportionately affected by burdensome federal regulations. The study found that small businesses spend more than $7,000 per employee annually to comply with federal regulations. The study concluded that complying with federal regulations costs small businesses 60 percent more than it would companies employing 500 or more employees.
ABC encouraged the Senate to consider as many small business initiatives to further reduce the burden and provide relief in order for small businesses to create jobs and revive the economy.
“Small and family-owned businesses are the backbone of our economy and give Americans a sense of pride and accomplishment,” ABC stated in the letter. “In the construction industry, they provide valuable jobs and play an integral role in building communities.”