Aside from the need for financial support and strength, there may be no larger challenge for businesses than government rules and regulations. That was the message shared by and with participants in the Utah Regulatory Reform Listen and Learn Forum held on Dec. 17 at the Salt Mine Productive Workspace in Sandy.
The forum was the third in a series of such meetings planned by the Intermountain Business Alliance, designed to bring Utah business leaders together to discuss real-world barriers and develop practical reforms to strengthen Utah’s economic competitiveness.
“The most terrifying words in the English language are ‘I’m from the government and I’m here to help you,’” said Trent Staggs, outgoing mayor of Riverton and now the U.S. Small Business Administration advocate for Region 8. “The cost of regulation in this country is staggering. The National Association of Manufacturing says it believes regulation alone is costing businesses $3 trillion a year. That’s almost 15 percent of our GNP.”
One example he pointed to is Form 941, the quarterly reports businesses are required to file with the IRS. Shifting that to an annual report, he said, could result in a $90 billion savings for businesses.
As mayor, and now in his role with the SBA, Staggs is advocating for less regulation and more common sense when it comes to the rules of the road in business. A strong advocate for President Trump, he praised Trump’s Executive Order 14192, which says that for any new regulation an agency wants to implement, it has to eliminate 10 others already on the books. He stated that another executive order from Trump charges all agency heads to look at current rules and identify those they feel might be unconstitutional.
“Just this summer, the National Small Business Association asked all businesses across the country what the most painful resource of regulations was, and they stated the federal government by far,” Staggs said. “Rules that come from these federal agencies are by people not elected to their offices. Congress to a large degree, I believe, has abdicated much of its responsibility by delegating the rulemaking authority to these unelected bureaucrats. The net result of this overregulation is it keeps you from making profits and hiring people. Deregulation will help the economy.”
Speakers at breakout sessions during the forum covered a wide range of areas where regulations have large impacts. Those include agriculture and agri-business, construction and infrastructure, tourism and hospitality, manufacturing and mining, technology, banking and finance, and health care and insurance.
Corinna Harris, president of the Intermountain Business Alliance, said its goal is to “ensure businesses stay in business, by driving meaningful regulatory reform and removing barriers to growth at every level of government.”
“We are holding two more forums in the next week, on Jan. 9 in Eagle Mountain and on Jan. 12 in Nephi,” she said. “We’re also publishing a newsletter with comments and suggestions shared at these forums.”
She wants to see a united effort by local business owners and government leaders to make meaningful changes in regulatory practices.
Staggs told attendees the list of most wanted issues concerning business owners can be found on the SBA website at advocacy.sba.gov. Harris said more information about the alliance, or suggestions for changes, can be sent to her at charris@intermountainbusinessalliance.com.