June ’23 at-a-glance … regulations
NAFEM comments on proposal to lower the bar on review of new regulations
NAFEM submitted comments, along with 10 other allied industry associations, to the Office of Management and Budget (OMB) regarding the Biden administration’s proposed changes to the regulatory decision-making and engagement process. The proposed rule lowers the bar for when an agency must conduct a thorough analysis of the costs and benefits of a regulation and reduces oversight from certain government agencies like the Department of Justice and Small Business Administration (SBA) that historically help to moderate the volume and potential overreach of a broad range of regulatory policies. It also seeks to consolidate meetings to drive greater efficiency and effectiveness.
“It is important to allow those who have input to provide it,” the comments stated. “Limiting trade association participation will negatively impact the input received and companies, also, often have valued information to share.” NAFEM and others also indicted their willingness to work with OMB and others “to create the most robust and responsive process practical.”
Manufacturers grow more concerned about increasing pace of regulations
Manufacturers are becoming increasingly concerned about the unprecedented number of “unbalanced and unworkable” regulations from federal agencies, according to the Q2 Outlook Survey recently fielded by the National Association of Manufacturers (NAM). Among the findings:
- 65% reported that if regulatory burdens were reduced, they would purchase more equipment and more than 46% said they would increase wages.
- 63% said they spend more than 2,000 hours annually complying with federal regulations.
- Attracting top talent remains the top workforce challenge of those surveyed, as it has been for the past three quarters.