Entrepreneurship in America How Government Regulations Stifle Job Creation And

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Entrepreneurship in America How Government Regulations Stifle Job Creation And
United States Congress Senate Committee On Smal
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Eastern Min- erals in Henderson, North Carolina, that works roughly 30 people, has been chosen by the Department of Commerce, supposedly ran- domly, to submit on a quarterly basis a P&L for our company. It requires that P&L to be in the same format that you would gen- erally use for general account purposes for that trip to the bank that most of us make to borrow money. In fact, all of those lines are required.
It is required that this particular form be submitted within 30 days of each quarter
.... We have been in the pool now for almost 2 years. I submitted the first one — I could not believe and have asked the Congress to indicate to me is there any Member of Congress, Republican or Democrat, that ever voted for a regulation that would require a small business to send a profit and loss statement with your confidential financial information to the Department of Commerce on a quarterly basis. Even the IRS only requires this once a year; granted, we send quarterly estimates. But anyway, I have not been able to find anybody in Washington that will admit they voted for this.

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