i3 - March/April 2017 - 36

Policy
N E WS F RO M T H E H I L L

Congress:
Want America
to Innovate?
We Need Smart
Regulation.

 C

TA President and CEO Gary Shapiro testified
before a Senate Commerce Committee hearing
Feb. 1 on "Reducing Unnecessary Regulatory
Burdens." Here are his thoughts about allowing
U.S. innovation to thrive, based on his Senate testimony.
From wearables and apps that
promote health and wellness, to drones
that deliver medicine and equipment
to hard-to-reach places, to self-driving
cars that offer mobility to people
with disabilities, the technologies of
tomorrow are already changing our
lives for the better.
Many of these amazing innovations are the result of hard work from
startups and small businesses across
America. But for many small businesses, over-regulation threatens their
future viability as economic contributors and job creators.
Since 2009, federal regulators
have issued more than 20,000 rules,
36

MARCH/APRIL 2017

increasing regulatory compliance costs
by more than $100 billion annually.
Independent estimates suggest total
regulatory costs exceed $2 trillion a
year, with small businesses shouldering
a disproportionate share of the burden.
In 2015, the consumer tecnology
sector - from globally known companies to small business entrepreneurs -
supported more than 15 million jobs
and created $3.5 trillion in total
economic output. But for this sector
to continue to thrive, Congress and the
Trump administration must cut down
on rules so innovative technology can
emerge unhindered. Here are four ways
Congress can make this happen:

1

Reverse labor rules that
hurt small businesses.

Over the last eight years, the Obama
administration imposed new rules on
businesses that included everything from
banning unpaid internships and allowing
extensive government loans to college
students, to doubling the overtime floor.
Although these policies may have had
admirable intentions, they are disastrous
for students, startups and small businesses.
For example, many students received
economically worthless degrees at no cost
to themselves, and will likely cost taxpayers
some $108 billion in uncollectible student
debt. A recent estimate is that over half
of student loans three years after graduation
are delinquent. Additionally, the Obama
Administration banned unpaid internships
blocking students from getting relevant
experience and building up contacts.
The result: a job market bloated with
graduates who can't get good jobs and
pay off big student loans.
Another Obama era doozy: nearly
doubling the salary threshold for barring
I T I S I N N O VAT I O N



Table of Contents for the Digital Edition of i3 - March/April 2017

Contents
i3 - March/April 2017 - Cover1
i3 - March/April 2017 - Cover2
i3 - March/April 2017 - Contents
i3 - March/April 2017 - 2
i3 - March/April 2017 - 3
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