Sen. Snowe introduces small-business Freedom Act

"In meetings and Main Street tours, a top concern I continue to hear from small businesses is the stifling effect of onerous federal regulations on their ability to grow, plan for the future and hire new employees," Snowe said. "It is critical that the effect of federal regulations on small businesses be taken into greater consideration throughout the regulatory process."

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Snowe, the ranking member of the Senate Small Business and Entrepreneurship Committee, said that committee has held several hearings on how federal regulation is hurting small companies, and said her bill is aimed at producing results.

Specifically, the bill would require federal agencies to consider how regulations affect small businesses and penalize agencies that don't conduct these reviews. It would also create nine new small-business review panels at key agencies, and allow small companies to seek judicial review of regulations within the first year they are finalized.

Other co-sponsors to Snowe's bill, S. 1030, are Sens. Kelly AyotteKelly AyotteGOP senator: Block cash payments to state terror sponsors The Trail 2016: Just a little kick Abortion rights group ads tie vulnerable GOP senators to Trump MORE (R-N.H.), John BarrassoJohn BarrassoSenators express 'grave concerns' about ObamaCare 'bailout' GOP pressures Kerry on Russia's use of Iranian airbase Tribes open new front in fight over pipelines MORE (R-Wyo.), Dan CoatsDan CoatsDem groups invest big in Bayh in Ind. Senate race Indiana Senate race tightens as Republicans take on Bayh Conservative group targets Evan Bayh on ObamaCare MORE (R-Ind.), Tom CoburnTom CoburnRyan calls out GOP in anti-poverty fight The Trail 2016: Words matter Ex-Sen. Coburn: I won’t challenge Trump, I’ll vote for him MORE (R-Okla.), Mike EnziMike EnziOvernight Energy: Obama integrates climate change into national security planning Senate panel approves pension rescue for coal miners GOP pressures Kerry on Russia's use of Iranian airbase MORE (R-Wyo.), John Isakson (R-Ga.), Jerry MoranJerry MoranOvernight Finance: Lawmakers float criminal charges for Wells Fargo chief | Scrutiny on Trump's Cuba dealings | Ryan warns of recession if no tax reform GOP senators press Treasury to withdraw estate tax proposal Senate panel advances ticket bots crackdown MORE (R-Kan.) and John ThuneJohn ThuneJudge rejects attempt to stop internet oversight transfer Tech groups file court brief opposing internet transition suit Thune blasts FCC chairman on secrecy MORE (R-S.D.).