Sinema Helps Pass Commonsense Bill to Cut Red Tape for AZ Small Businesses

Comprehensive Regulatory Review Act would regularly assess and update outdated regulations

WASHINGTON, D.C. – Today, a commonsense bill cosponsored by Congresswoman Kyrsten Sinema (AZ-09) that cuts outdated and duplicative red tape passed out of the U.S. House of Representatives. The bill will help Arizona business leaders expand their operations, hire more Arizonans, and grow Arizona’s economy. The Sinema-supported legislation, the Comprehensive Regulatory Review Act (CRRA), speeds up the routine review and tailoring of certain regulations to ensure they are working effectively and are responsive to changing economic trends.

“Arizona’s economy is moving forward, and regulations from Washington must allow for growth,” said Congresswoman Sinema. “Our bill is a critical step forward to bring Washington up to the speed of Arizona small businesses. I will continue working across the aisle to support a healthy economy that allows Arizonans to get ahead.”

The CRRA passed with broad-based support. It requires federal agencies to evaluate financial regulations every seven years to make sure they work as intended. Based on the review, agencies will update the rules to fit today’s business and consumer environment. CRRA’s straightforward review process will help reduce unnecessary regulations and free up capital at Arizona’s community banks, such as Scottsdale’s 1st International Bank and Trust, allowing them to offer better loans to more local small businesses in the Scottsdale community.

“It is important that we find the right balance so that community banks can continue to be the catalyst for economic growth,”said Greg Mislovsky, Arizona Market President of 1st International Bank and Trust.“The Comprehensive Regulatory Review Act helps us do that. [CRRA] is a common-sense and reasonable approach to the regulatory burden facing so many community banks. I am more hopeful that my community bank will be better able to serve local families and small businesses in my community.”

During her time in Congress, Sinema has made cutting unnecessary and overly burdensome red tape a top priority. Her Fostering Innovation Act, which helps promising biotech companies deliver life-saving treatments by eliminating certain costly and unnecessary auditing requirements, is expected to pass the Senate later this week. Sinema’s HALOS Act, to clarify confusing regulations for Arizona startups, passed the House in 2017. In 2015, she introduced the AUDIT Act, which would eliminate duplicative federal programs and wasteful spending identified by the nonpartisan Government Accountability Office. The bill will save American taxpayers tens of billions of dollars in areas from defense to health care.