Finney’s Bill to Help Small Business Passes Senate

Nashville, Tenn. – Senate Bill 55, sponsored by Sen. Raymond Finney (R-Maryville) unanimously passed the Senate on Wednesday. Known as the “Regulatory Flexibility Act of 2007”, the bill would provide relief for small business in Tennessee.

“The success of small business is vital to a healthy economy,” said Finney. “We are asking the government to ensure that small businesses are not overburdened by unnecessary regulations and rules.”

The bill says that each agency and department shall review “whether a proposed rule or regulation affects small business”.  The bill would also require each agency and department to submit an economic impact statement before adopting any proposed regulation.

Senate Bill 55 would expand and codify a program implemented by Gov. Bredesen through Executive Order No. 38.

The bill will need to be passed by the state House of Representatives and signed by the Governor before becoming law.

“Thirty states have similar laws in place,” continued Finney.  “It is estimated that $7.2 billion was saved in 2006 by these states eliminating unnecessary regulations.” 

Finney is the chairman of the Senate Calendar Committee, and serves on the Senate Finance, Ways and Means Committee, the Senate General Welfare, Health and Human Resources Committee and the Senate Environment, Conservation and Tourism Committee.  He represents Blount and Sevier Counties.

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