Senate Bill 0055 / House Bill 1276, cosponsored by Representative Susan Lynn and Senator Raymond Finney, requires state agencies to analyze the economic impact of a proposed rule on small businesses.

A better regulatory environment is ahead for Tennessee’s 513,000 small businesses, thanks to a new law signed by Governor Phil Bredesen. Tennessee’s Regulatory Flexibility Act of 2007 will set the stage for a more transparent regulatory environment for small businesses in the state.

“The new law will require agencies to take small firms into consideration as regulations are being developed," said Chief Counsel for Advocacy Thomas M. Sullivan.

Senate Bill 0055 / House Bill 1276, cosponsored by Representative Susan Lynn and Senator Raymond Finney, requires state agencies to analyze the economic impact of a proposed rule on small businesses and to consider less burdensome alternatives that will accomplish the regulatory goal.

Key business groups supporting the legislation included the National Federation of Independent Business (NFIB) and the Tennessee Jobs Coalition, which includes a number of leading member organizations.

“Senator Finney’s and Representative Lynn’s successful efforts to codify and build upon Governor Bredesen’s Executive Order of last year to establish regulatory flexibility for small business owners will ensure entrepreneurs spend less time cutting red tape and more time creating jobs in Tennessee,” NFIB Tennessee State Director Gary Selvy said.