Overregulation is not just choking credit unions, it is choking our economy.
According to recent reports from the Competitive Enterprise Institute, 212 of the 4,128 federal regulations that were in the works in 2011 are "economically significant," meaning they constitute at least $100 million in economic impact. Additionally, regulatory compliance costs are estimated to be $1.75 trillion, roughly equal to about 48% of federal spending. These regulatory costs equal 11.7% of our total GDP. This means that more than $1 out of every $10 of the national income is spent on complying with regulations. Moreover, the Small Business Administration estimates that regulations add $10,585 in costs per employee.
Given these factors, is it any wonder that our economy is stagnant and job creation is lagging in this stifling regulatory environment?
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