Report: Manufacturers face 300K regs

Report: Manufacturers face 300K regs
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Manufacturers must comply with nearly 300,000 federal regulations, according to a new study.

The National Association of Manufacturers (NAM) study claims the cost of complying with 297,696 various rules prevents many businesses from hiring and increasing wages for their workers.

“Too often, these rules go too far or are too complex,” NAM President Jay Timmons said.

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“On Day One, President-elect Trump can deliver a boost to manufacturing by taking the lead on balancing our regulatory system,” Timmons said.

“Manufacturers want to invest more and hire more in the United States, but too often the cost of doing business — and even just functioning on a daily basis — makes that difficult,” he added.

The NAM survey found that 87 percent of manufacturers would increase hiring, wages and other investments if their regulatory costs declined.

“Time and money that could be spent on job creation are instead wasted on complying with out-of-touch federal rules,” said Drew Greenblatt, chairman of NAM’s small and medium manufacturers division.