U.S. Chamber of Commerce: America’s Businesses Are Fed Up With Washington Amid Overregulation, Inflation, Border Crisis

U.S. businesses are dissatisfied with Washington’s attempts to overregulate firms and its inability to deal effectively with issues such as the border crisis and inflation, the head of the U.S. Chamber of Commerce recently said, while highlighting the dangers of foreign regulation.

“There is a long and meaningful list of policy priorities that our lawmakers should tackle, things that only they can do. There is an equally long list for what government shouldn’t do—and overregulation is at the top. It is not the role of government to direct the behavior of business, redistribute power in our economy, or undermine the competition that fuels free enterprise,” Chamber CEO Suzanne Clark said During an event on January 12.

“Business demands better from our government. Because when it comes to Washington, the state of American business is fed up.”

In the last two years, “unprecedented regulatory overreach” This has been a rapid increase. Clark stated last year that if the Biden government does not stop putting businesses in harm’s way through regulation, the chamber will. “lead the fight to stop it.”

The Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commissions (SEC) and Federal Trade Commission (FTC) were sued by the chamber.

Clark warned that the chamber won’t hesitate to “do it again” If these actions are necessary to protect business interest, preserve competition, and innovate, and position the American economic for growth.

In July’s lawsuit against the FTC, the commerce chamber accused the organization of circumventing due process and utilizing “dubious legal means to achieve preordained ends.” The FTC was accused in collaborating with foreign governments to prevent mergers that U.S. law might not have banned, as well as to circumvent civil service laws.

The chamber filed a lawsuit against CFPB in September 2022 challenging an update to its examination manual’s unfair, deceptive or abusive practices.

“When regulations are driven by ideological agendas and imposed on business without transparency, accountability, or clarity—government isn’t working,” The head of the chamber stated.

The Texas Alliance of Energy Producers published a survey in March 2022. It showed that “federal overregulation” in 2022 was the biggest threat to businesses in the sector.

The Independent Community Bankers of America informed the CFPB last year that easing regulatory burdens for rural community banks would lead to prosperity in these regions.

Foreign Regulation

Clark insisted on the necessity for the United States. “set global standards and global policy.” Overregulation by foreign governments is threatening American innovation, creativity, and investment.

American companies are now being targeted by digital regulations and taxes “almost exclusively.” These actions could lead to the death of key sectors driving economic growth.

The European Union Digital Markets Act (November 2022) aims at regulating tech giants. This law applies to American tech companies like Amazon, Meta and Apple.

Clark also called Washington “stand strong” against China’s intellectual property theft and digital protectionism.

Clark gave Clark’s example of GMOs (and how they are being banned). “despite scientific evidence of their safety.” It is now much more difficult to feed hungry people, she said. Similar to this, nuclear plants are being shut off at a time that clean, safe energy is required.

Clark asked government leaders to put pressure on the world’s regulatory councils, warning that regulatory overreach “endangers the dynamism” It is essential for a fragile global economic system.

She said that America should be the leader in areas such as artificial intelligence and data privacy where regulation is necessary. “Congress should pass good legislation here, not simply leaving it to places like Brussels.”

Other challenges

Clark also criticised the Biden administration’s inability to address a border crisis that allowed millions of illegal aliens to enter the country, while making it difficult for nurses and engineers to obtain visas. “businesses are desperate to hire.”

Businesses are also facing inflation, she said. Despite rising prices, businesses still must pay workers, buy supplies and establish pricing strategies. “make ends meet.”

She also warned that American workers will not be able to acquire the necessary skills, which could fuel inflation and create barriers to long-term growth.

Clark shed light on Washington’s energy policy which created a “false, binary choice” Energy transition and energy security

“Let me close with a message to our partners in government today: Do your jobs, so we can do ours. Make government work, so business can keep working … so we can keep doing the things that society needs, expects, and trusts us to do,” She stated.

Inflation has been a problem for businesses for years. JPMorgan Chase’s 2023 Business Leader Outlook survey found that 45 percent of small businesses and 91 percent of mid-size businesses saw inflation This is a significant challenge.

A recent survey by National Federation of Independent Business found that 32 percent of respondents considered inflation to be the most serious business problem.

Naveen Athrappully, a news reporter at The Epoch Times, covers business and global events.